{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-118133","form_type":"8-K","ticker":"PAA","cik":"0001070423","company_name":"PLAINS ALL AMERICAN PIPELINE LP","filed_at":"2025-12-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:38.718782+00:00","generated_at":"2026-05-16T15:00:41.056559+00:00","sec_items":["1.01","2.03","1.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Plains All American enters $1.1B term loan, terminates $1.1B EPIC credit facility","bullets":["On Nov 26, 2025, PAA entered a $1.1B senior unsecured term loan due in two years; interest rate SOFR+1.125% initially, rising to SOFR+1.250% after one year.","On Dec 1, 2025, PAA terminated the EPIC Credit Agreement and repaid all ~$1.1B outstanding under the EPIC Term Loan; EPIC revolver was undrawn.","Term loan is prepayable without penalty; mandatory prepayment triggered by closing of the Canadian NGL sale to Keyera Corp. (announced June 2025).","Financial covenant: Consolidated Leverage Ratio ≤5.00x (5.50x during acquisition period); customary covenants and events of default apply.","Proceeds used to refinance EPIC indebtedness; funded prior to Dec 2, 2025."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-118133","json":"https://secwatch.observer/filing/0001104659-25-118133.json","markdown":"https://secwatch.observer/filing/0001104659-25-118133.md","text":"https://secwatch.observer/filing/0001104659-25-118133.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/tm2532637d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T15:00:41.056559+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0717ada5caa9693125383f3739d429377f34c6dc","claim":"PLAINS ALL AMERICAN PIPELINE LP incurred term loan of $1.1 billion with PNC Bank, National Association at Term SOFR or the Base Rate, in each case, plus an applicable rate maturing the two-year anniversary of the closing date.","evidence_excerpt":"as borrower, PNC Bank, National Association, as administrative agent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion senior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature on the two-year anniversary of the closing date. PAA may at","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","confidence":0.9}],"comparable_filings":[{"accession":"0001140361-26-023577","ticker":"TCPC","company_name":"BlackRock TCP Capital Corp.","filed_at":"2026-06-01T20:50:02+00:00","headline":"BlackRock TCP Capital closes $535.8M CLO securitization, repays existing debt facilities","event_type":"debt","sec_items":["1.01","1.02","2.03","9.01"],"materiality_score":0.6,"calibrated_materiality_score":0.6,"match_reasons":["same fact type: debt_financing","same SEC item: 1.01, 1.02, 2.03, 9.01","same event type: debt","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001140361-26-023577","json":"https://secwatch.observer/filing/0001140361-26-023577.json","markdown":"https://secwatch.observer/filing/0001140361-26-023577.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1370755/000114036126023577/0001140361-26-023577-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1370755/000114036126023577/ef20075169_8k.htm"},"side_by_side_evidence":{"fact_type":"debt_financing","source_excerpt":"as borrower, PNC Bank, National Association, as administrative\nagent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion\nsenior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature\non the two-year anniversary of the closing date. PAA may at","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","comparable_excerpt":"Item 1.01. Entry into a Material Definitive Agreement. On May 27, 2026 (the \" Closing Date \"), BlackRock TCP Capital Corp. (the \" Company \"), through its subsidiary, completed a $535,780,000 securitization of certain loans held by a subsidiary of the Company (the \" CLO Transaction \"). On the Closing Date and in connection with the CLO Transaction, BlackRock DLF 2026-C","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1370755/000114036126023577/0001140361-26-023577-index.htm"}},{"accession":"0001606268-26-000029","ticker":"VIASP","company_name":"Via Renewables, Inc.","filed_at":"2026-05-08T23:59:59+00:00","headline":"Via Renewables enters $300M senior secured revolving credit facility, replaces prior agreement","event_type":"debt","sec_items":["1.01","1.02","2.03","3.03","9.01"],"materiality_score":0.6,"calibrated_materiality_score":0.6,"match_reasons":["same fact type: debt_financing","same SEC item: 1.01, 1.02, 2.03, 9.01","same event type: debt","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001606268-26-000029","json":"https://secwatch.observer/filing/0001606268-26-000029.json","markdown":"https://secwatch.observer/filing/0001606268-26-000029.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1606268/000160626826000029/0001606268-26-000029-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1606268/000160626826000029/spke-20260506.htm"},"side_by_side_evidence":{"fact_type":"debt_financing","source_excerpt":"as borrower, PNC Bank, National Association, as administrative\nagent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion\nsenior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature\non the two-year anniversary of the closing date. PAA may at","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","comparable_excerpt":"In connection with entering into the Credit Agreement, the Company entered into an amended and restated subordinated promissory note (Note No. 9) (the “Subordinated Debt Facility”) with Spark HoldCo and Retailco, LLC (“Retailco”). The Subordinated Debt Facility allows the Company to draw advances in increments of no less than $1.0 million per advance up to $25.0 million through November 6, 2029.","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1606268/000160626826000029/0001606268-26-000029-index.htm"}},{"accession":"0001193125-26-209025","ticker":"PR","company_name":"Permian Resources Corp","filed_at":"2026-05-06T23:59:59+00:00","headline":"Permian Resources enters $3.0B senior unsecured credit facility, maturity April 2031","event_type":"debt","sec_items":["1.01","1.02","2.03","9.01"],"materiality_score":0.55,"calibrated_materiality_score":0.55,"match_reasons":["same fact type: debt_financing","same SEC item: 1.01, 1.02, 2.03, 9.01","same event type: debt","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-209025","json":"https://secwatch.observer/filing/0001193125-26-209025.json","markdown":"https://secwatch.observer/filing/0001193125-26-209025.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1658566/000119312526209025/0001193125-26-209025-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1658566/000119312526209025/d150936d8k.htm"},"side_by_side_evidence":{"fact_type":"debt_financing","source_excerpt":"as borrower, PNC Bank, National Association, as administrative\nagent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion\nsenior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature\non the two-year anniversary of the closing date. PAA may at","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","comparable_excerpt":"On April 30, 2026, Permian Resources Operating, LLC (“OpCo”), a consolidated subsidiary of Permian Resources Corporation (“Permian Resources” and, together with OpCo, the “Company”) (NYSE: PR), entered into a new Credit Agreement (the “New Credit Agreement”) among OpCo, JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto (together with the Administrative Agent, the “Lenders”), providing for a $3.0 billion senior unsecured credit facility.","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1658566/000119312526209025/0001193125-26-209025-index.htm"}},{"accession":"0001993004-26-000044","ticker":"NWE","company_name":"NorthWestern Energy Group, Inc.","filed_at":"2026-06-02T11:22:44+00:00","headline":"NorthWestern Energy subsidiary enters $225M secured term loan, repays revolver","event_type":"debt","sec_items":["1.01","2.03","9.01"],"materiality_score":0.5,"calibrated_materiality_score":0.5,"match_reasons":["same fact type: debt_financing","same SEC item: 1.01, 2.03, 9.01","same event type: debt","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001993004-26-000044","json":"https://secwatch.observer/filing/0001993004-26-000044.json","markdown":"https://secwatch.observer/filing/0001993004-26-000044.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1993004/000199300426000044/0001993004-26-000044-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1993004/000199300426000044/nwe-20260527.htm"},"side_by_side_evidence":{"fact_type":"debt_financing","source_excerpt":"as borrower, PNC Bank, National Association, as administrative\nagent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion\nsenior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature\non the two-year anniversary of the closing date. PAA may at","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","comparable_excerpt":"NW Corp's obligations under the Term Loan are secured by a $225 million first mortgage bond","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1993004/000199300426000044/0001993004-26-000044-index.htm"}},{"accession":"0001493152-26-026654","ticker":"SOUL","company_name":"Soulpower Acquisition Corp.","filed_at":"2026-06-01T21:00:32+00:00","headline":"SPAC Soulpower Acquisition issues up to $2.5M promissory note to sponsor affiliate for working capital","event_type":"debt","sec_items":["1.01","2.03","9.01"],"materiality_score":0.4,"calibrated_materiality_score":0.4,"match_reasons":["same fact type: debt_financing","same SEC item: 1.01, 2.03, 9.01","same event type: debt","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-26-026654","json":"https://secwatch.observer/filing/0001493152-26-026654.json","markdown":"https://secwatch.observer/filing/0001493152-26-026654.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/2025608/000149315226026654/0001493152-26-026654-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/2025608/000149315226026654/form8-k.htm"},"side_by_side_evidence":{"fact_type":"debt_financing","source_excerpt":"as borrower, PNC Bank, National Association, as administrative\nagent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion\nsenior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature\non the two-year anniversary of the closing date. PAA may at","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","comparable_excerpt":"On May 29, 2026, Soulpower Acquisition Corporation (the \"Company\") issued an unsecured promissory note in the principal amount of up to $2,500,000 (the \"B Note\") to Soulpower Management LLC (the \"Lender\").","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/2025608/000149315226026654/0001493152-26-026654-index.htm"}},{"accession":"0000785161-26-000161","ticker":"EHC","company_name":"Encompass Health Corp","filed_at":"2026-06-01T20:26:16+00:00","headline":"Encompass Health issues $500M 5.875% notes due 2034; to redeem $400M of 4.500% notes due 2028","event_type":"debt","sec_items":["1.01","2.03","9.01"],"materiality_score":0.5,"calibrated_materiality_score":0.5,"match_reasons":["same fact type: debt_financing","same SEC item: 1.01, 2.03, 9.01","same event type: debt","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0000785161-26-000161","json":"https://secwatch.observer/filing/0000785161-26-000161.json","markdown":"https://secwatch.observer/filing/0000785161-26-000161.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/785161/000078516126000161/0000785161-26-000161-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/785161/000078516126000161/ehc-20260529.htm"},"side_by_side_evidence":{"fact_type":"debt_financing","source_excerpt":"as borrower, PNC Bank, National Association, as administrative\nagent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion\nsenior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature\non the two-year anniversary of the closing date. PAA may at","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","comparable_excerpt":"On May 29, 2026, Encompass Health Corporation (the “Company”) completed the issuance and sale of $500 million in aggregate principal amount of its 5.875% Senior Notes due 2034 (the “Notes”), along with the related guarantees of the Notes by certain of the Company’s subsidiaries (the “Guarantees”), in a private offering.","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/785161/000078516126000161/0000785161-26-000161-index.htm"}},{"accession":"0001895262-26-000129","ticker":"NE","company_name":"Noble Corp plc","filed_at":"2026-06-01T12:04:04+00:00","headline":"Noble boosts revolver to $650M, extends to 2031; plans $500M notes due 2034 to refinance 8.5% Diamond Notes","event_type":"debt","sec_items":["1.01","2.03","8.01","9.01"],"materiality_score":0.6,"calibrated_materiality_score":0.6,"match_reasons":["same fact type: debt_financing","same SEC item: 1.01, 2.03, 9.01","same event type: debt","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001895262-26-000129","json":"https://secwatch.observer/filing/0001895262-26-000129.json","markdown":"https://secwatch.observer/filing/0001895262-26-000129.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1895262/000189526226000129/0001895262-26-000129-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1895262/000189526226000129/ne-20260601.htm"},"side_by_side_evidence":{"fact_type":"debt_financing","source_excerpt":"as borrower, PNC Bank, National Association, as administrative\nagent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion\nsenior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature\non the two-year anniversary of the closing date. PAA may at","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","comparable_excerpt":"The Third Amendment amends the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 18, 2023 (the “A&R Credit Agreement”), among the Noble Borrowers, the lenders and other parties party thereto from time to time and the Administrative Agent, to, among other things, (i) increase the total revolving commitments under the senior secured revolving credit facility governed by the A&R Credit Agreement (the “Revolving Credit Facility”) from $550.0 million to $650.0 million and (ii) extend the scheduled maturity of the Revolving Credit Facility from April 18, 2028 to May 29, 2031.","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1895262/000189526226000129/0001895262-26-000129-index.htm"}},{"accession":"0001104659-26-068522","ticker":"XPO","company_name":"XPO, Inc.","filed_at":"2026-06-01T10:48:55+00:00","headline":"XPO Inc. enters $385M Term Loan B and $500M Term Loan A to refinance existing debt","event_type":"debt","sec_items":["1.01","2.03","9.01"],"materiality_score":0.6,"calibrated_materiality_score":0.6,"match_reasons":["same fact type: debt_financing","same SEC item: 1.01, 2.03, 9.01","same event type: debt","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-068522","json":"https://secwatch.observer/filing/0001104659-26-068522.json","markdown":"https://secwatch.observer/filing/0001104659-26-068522.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1166003/000110465926068522/0001104659-26-068522-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1166003/000110465926068522/tm2616097d1_8k.htm"},"side_by_side_evidence":{"fact_type":"debt_financing","source_excerpt":"as borrower, PNC Bank, National Association, as administrative\nagent, and the other lenders party thereto (collectively, the “Lenders”). The Term Loan Agreement provides for a $1.1 billion\nsenior unsecured term loan (the “Term Loan”) to be funded on or prior to December 2, 2025. The Term Loan will mature\non the two-year anniversary of the closing date. PAA may at","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm","comparable_excerpt":"a senior secured term loan A facility in an initial aggregate amount of $500 million","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1166003/000110465926068522/0001104659-26-068522-index.htm"}}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}