---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-118148"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2025-12-03T23:59:59+00:00"
generated_at: "2026-05-16T15:12:58.248330+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# PAA terminates $1.2B EPIC credit, repays $1.1B; enters new $1.1B term loan

## Summary
- 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).

## SEC filing metadata
- accession: 0001104659-25-118148
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2025-12-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 1.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000110465925118148/0001104659-25-118148-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000110465925118148/tm2532638d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-118148
- JSON: https://secwatch.observer/filing/0001104659-25-118148.json
- Plain text: https://secwatch.observer/filing/0001104659-25-118148.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1581990/000110465925118148/0001104659-25-118148-index.htm

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