---
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"
generated_at: "2026-05-12T21:22:35.407808+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Plains All American closes $3.76B sale of Canadian NGL business to Keyera Corp.

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 2.01, 1.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-059509
- JSON: https://secwatch.observer/filing/0001104659-26-059509.json
- Plain text: https://secwatch.observer/filing/0001104659-26-059509.txt

## Key facts
- M&A Transactions
  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).
  - Action: disposition
  - Counterparty: Keyera Corp.
  - Consideration: approximately CAD $5.13 billion (approximately USD $3.76 billion)
  - Closing: 2026-05-12
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1070423/000110465926059509/0001104659-26-059509-index.htm
- Material Agreements
  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).
  - Action: termination
  - Agreement: credit facility
  - Counterparty: PNC Bank, National Association and the other lenders party thereto
  - Value: $1.1 billion
  - Effective: 2026-05-12
  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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000110465926059509/0001104659-26-059509-index.htm

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