PLAINS GP HOLDINGS LP (PAGP): debt financing — PAA terminates $1.2B EPIC credit, repays $1.1B; enters new $1.1B term loan

PLAINS GP HOLDINGS LP

On Dec 1, 2025, PAA terminated the EPIC Credit Agreement and repaid $1.1B outstanding on the EPIC Term Loan.
PAA entered a $1.1B senior unsecured term loan on Nov 26, 2025, maturing in 2 years, with PNC Bank as agent.
Interest rates: Term SOFR+1.125% (first year), then Term SOFR+1.250%; Base Rate+0.125%/0.250%.
Mandatory prepayment of new term loan within 7 business days of closing of sale of Canadian NGL business to Keyera Corp.
Financial covenant: Consolidated Funded Indebtedness/EBITDA ≤ 5.00x (5.50x during Acquisition Period).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PLAINS GP HOLDINGS LP incurred term loan of $1.1 billion with PNC Bank, National Association, as administrative agent at Term SOFR or the Base Rate, in each case, plus an applicable rate. From the clos maturing two-year anniversary of the closing date.

Instrument: term loan
Principal: $1.1 billion
Counterparty: PNC Bank, National Association, as administrative agent
Rate: Term SOFR or the Base Rate, in each case, plus an applicable rate. From the clos
Maturity: two-year anniversary of the closing date
Event: incurrence

Exact text from the filing

On November 26, 2025, PAA entered into a term loan agreement (the “Term Loan Agreement”) by and among PAA, 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.

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PLAINS GP HOLDINGS LP filing history →

Source: SEC EDGAR

accession 0001104659-25-118148

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