{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-26-059512","form_type":"8-K","ticker":"PAGP","cik":"0001581990","company_name":"PLAINS GP HOLDINGS LP","filed_at":"2026-05-12T21:21:41+00:00","discovered_at":"2026-05-12T21:24:00.307202+00:00","generated_at":"2026-05-12T21:24:18.166293+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 completes sale of Canadian NGL business to Keyera for ~$3.3B net proceeds","bullets":["Sale closed May 12, 2026; cash consideration ~CAD $5.13B (~USD $3.76B); net proceeds ~$3.3B.","Proceeds to repay commercial paper, term loan, and 4.50% senior notes due Dec 2026.","Leverage expected to trend toward middle of targeted 3.25-3.75x range post-closing.","No special distribution; tax liability mitigated by bonus depreciation from Cactus III acquisition.","Company now a pure-play crude oil midstream company with assets from Canada to U.S. Gulf Coast."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-059512","json":"https://secwatch.observer/filing/0001104659-26-059512.json","markdown":"https://secwatch.observer/filing/0001104659-26-059512.md","text":"https://secwatch.observer/filing/0001104659-26-059512.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1581990/000110465926059512/0001104659-26-059512-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1581990/000110465926059512/tm2614304d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-12T21:24:18.166293+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":"4a61646b67deadb20f8099934cdb9b0de12d76c1","claim":"PLAINS GP HOLDINGS LP completed a disposition involving Keyera Corp. for cash consideration of 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/1581990/000110465926059512/0001104659-26-059512-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"disposition"},{"label":"Counterparty","value":"Keyera Corp."},{"label":"Consideration","value":"cash consideration of approximately CAD $5.13 billion (approximately USD $3.76 billion)"},{"label":"Closing","value":"2026-05-12"}],"fact_type":"ma_transaction"},{"claim_id":"8d9c34ad217480f0f8414411099762641022c3ac","claim":"PLAINS GP HOLDINGS LP terminated Term Loan Agreement with PNC Bank, National Association and the other lenders party thereto valued at $1.1 billion (effective 2025-11-26).","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/1581990/000110465926059512/0001104659-26-059512-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":"2025-11-26"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}