--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-26-075186" form_type: "8-K" ticker: "PAA" cik: "0001070423" company_name: "PLAINS ALL AMERICAN PIPELINE LP" filed_at: "2026-06-17T20:40:13+00:00" generated_at: "2026-06-17T20:41:20.603835+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.5 calibrated_materiality_score: 0.5 confidence: "high" source: SEC EDGAR --- # Plains All American enters $2.7B unsecured revolver, replaces two prior facilities ## Summary - New $2.7B senior unsecured revolving credit facility, expandable to $4.0B, matures June 12, 2031 with possible one-year extensions. - Replaces existing $2.7B credit agreement (Aug 2021) and hedged inventory facility; balances repaid and terminated. - Interest based on Term SOFR/Base Rate plus margin tied to debt rating; leverage covenant ≤5.00x (5.50x during acquisition period). - Up to $800M letters of credit, $225M swing line, plus $1.0B (USD equivalent) sublimit for Canadian-dollar borrowings. - Facility is unsecured, guaranteed by the Partnership, with customary covenants and events of default. ## SEC filing metadata - accession: 0001104659-26-075186 - form_type: 8-K - ticker: PAA - cik: 0001070423 - company_name: PLAINS ALL AMERICAN PIPELINE LP - filed_at: 2026-06-17T20:40:13+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.5 - calibrated_materiality_score: 0.5 - confidence: high - sec_items: 1.01, 1.02, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000110465926075186/0001104659-26-075186-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000110465926075186/tm2618132d1_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-26-075186 - JSON: https://secwatch.observer/filing/0001104659-26-075186.json - Plain text: https://secwatch.observer/filing/0001104659-26-075186.txt ## Key facts - Debt Financings PLAINS ALL AMERICAN PIPELINE LP incurred credit facility of $2.7 billion with Bank of America, N.A., as Administrative Agent at Term SOFR, Base Rate, Canadian Term Rate or Canadian Prime Rate, plus an applica maturing June 12, 2031. - Instrument: credit facility - Principal: $2.7 billion - Counterparty: Bank of America, N.A., as Administrative Agent - Rate: Term SOFR, Base Rate, Canadian Term Rate or Canadian Prime Rate, plus an applica - Maturity: June 12, 2031 - Event: incurrence source text: as L/C Issuers; and the other Lenders party thereto (as amended, the “Hedged Inventory Facility”). The committed borrowing capacity under the Revolving Credit Agreement is $2.7 billion, up to $800 million of which is available for the issuance of letters of credit and up to $225 million of which is available for swing line loans. The committed amount may be evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000110465926075186/0001104659-26-075186-index.htm - Material Agreements PLAINS ALL AMERICAN PIPELINE LP entered into Revolving Credit Agreement with Bank of America, N.A., as Administrative Agent and Swing Line Lender; Bank of America, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association, as L/C Issuers; and the other Lenders party thereto valued at $2.7 billion (effective 2026-06-12). - Action: entry - Agreement: credit facility - Counterparty: Bank of America, N.A., as Administrative Agent and Swing Line Lender; Bank of America, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association, as L/C Issuers; and the other Lenders party thereto - Value: $2.7 billion - Effective: 2026-06-12 source text: On June 12, 2026, Plains All American Pipeline, L.P. (the "Partnership") entered into an unsecured Credit Agreement (the "Revolving Credit Agreement"), among the Partnership, Plains Marketing, L.P., a Texas limited partnership ("PMLP"), and Plains Canada Liquid Pipelines ULC, a British Columbia unlimited liability company ("PCLP"), as Borrowers; certain subsidiaries of the Partnership from time to time party thereto, as Designated Borrowers; Bank of America, N.A., as Administrative Agent and Swing Line Lender; Bank of America, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association, as L/C Issuers; and the other Lenders party thereto evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000110465926075186/0001104659-26-075186-index.htm - Material Agreements PLAINS ALL AMERICAN PIPELINE LP terminated Existing Revolving Credit Agreement (effective 2026-06-12). - Action: termination - Agreement: credit facility - Effective: 2026-06-12 source text: On June 12, 2026, in conjunction with the closing of the Revolving Credit Agreement, the Partnership, PCLP and PMLP, as applicable, repaid in full and terminated all outstanding obligations under (i) the Existing Revolving Credit Agreement and (ii) the Hedged Inventory Facility. evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000110465926075186/0001104659-26-075186-index.htm - Material Agreements PLAINS ALL AMERICAN PIPELINE LP terminated Hedged Inventory Facility (effective 2026-06-12). - Action: termination - Agreement: credit facility - Effective: 2026-06-12 source text: On June 12, 2026, in conjunction with the closing of the Revolving Credit Agreement, the Partnership, PCLP and PMLP, as applicable, repaid in full and terminated all outstanding obligations under (i) the Existing Revolving Credit Agreement and (ii) the Hedged Inventory Facility. evidence_url: https://www.sec.gov/Archives/edgar/data/1070423/000110465926075186/0001104659-26-075186-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.