---
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"
generated_at: "2026-05-16T15:00:41.056559+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Plains All American enters $1.1B term loan, terminates $1.1B EPIC credit facility

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 1.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-118133
- JSON: https://secwatch.observer/filing/0001104659-25-118133.json
- Plain text: https://secwatch.observer/filing/0001104659-25-118133.txt

## 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_url: https://www.sec.gov/Archives/edgar/data/1070423/000110465925118133/0001104659-25-118133-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.