{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-26-059509","form_type":"8-K","ticker":"PAA","cik":"0001070423","company_name":"PLAINS ALL AMERICAN PIPELINE LP","filed_at":"2026-05-12T21:20:11+00:00","discovered_at":"2026-05-12T21:22:00.317752+00:00","generated_at":"2026-05-12T21:22:35.407808+00:00","sec_items":["2.01","1.02","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.95,"calibrated_materiality_score":0.95,"confidence":"high","headline":"Plains All American closes $3.76B sale of Canadian NGL business to Keyera Corp.","bullets":["Sale of Canadian NGL business to Keyera Corp. for CAD $5.13B (~USD $3.76B) closed May 12, 2026.","Net proceeds of ~$3.3B after taxes/expenses to repay commercial paper, term loan, and 4.50% notes due 2026.","Leverage ratio expected to trend toward middle of targeted 3.25–3.75x range post-closing.","No special distribution expected; tax liability mitigated by bonus depreciation from Cactus III acquisition.","PAA terminates $1.1B term loan agreement effective May 14, 2026 upon mandatory prepayment triggered by sale."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-059509","json":"https://secwatch.observer/filing/0001104659-26-059509.json","markdown":"https://secwatch.observer/filing/0001104659-26-059509.md","text":"https://secwatch.observer/filing/0001104659-26-059509.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1070423/000110465926059509/0001104659-26-059509-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1070423/000110465926059509/tm2614302d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-12T21:22:35.407808+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":"b363913d1f61d894255d2cd551dd06fba6704b64","claim":"PLAINS ALL AMERICAN PIPELINE LP completed a disposition involving Keyera Corp. for approximately CAD $5.13 billion (approximately USD $3.76 billion) (closed 2026-05-12).","evidence_excerpt":"of a definitive Share Purchase Agreement dated as of June 17, 2025 (as amended to date, the “SPA”). Pursuant to the SPA, Seller received cash consideration of approximately CAD $5.13 billion (approximately USD $3.76 billion), subject to certain post-closing adjustments as defined in the SPA. Net proceeds from the sale of approximately $3.3 billion, after taxes and","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465926059509/0001104659-26-059509-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"disposition"},{"label":"Counterparty","value":"Keyera Corp."},{"label":"Consideration","value":"approximately CAD $5.13 billion (approximately USD $3.76 billion)"},{"label":"Closing","value":"2026-05-12"}],"fact_type":"ma_transaction"},{"claim_id":"e4557f918eab3fa9e3b32b75beb6995046507162","claim":"PLAINS ALL AMERICAN PIPELINE LP terminated Term Loan Agreement with PNC Bank, National Association and the other lenders party thereto valued at $1.1 billion (effective 2026-05-12).","evidence_excerpt":"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”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1070423/000110465926059509/0001104659-26-059509-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"termination"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"PNC Bank, National Association and the other lenders party thereto"},{"label":"Value","value":"$1.1 billion"},{"label":"Effective","value":"2026-05-12"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}