Business Context and Reporting Period
Company: PLAINS GP HOLDINGS LP
Filing Type: Form 8-K (Current Report)
Date of Report: September 26, 2018
Reporting Period: Event date of September 26, 2018
This filing reports a corporate governance amendment regarding the transferability of partnership interests for Plains AAP, L.P., a subsidiary of the registrant.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on legal amendments to partnership agreements and does not contain financial performance data.
Material Changes
Amendment to Partnership Agreement: On September 26, 2018, Amendment No. 1 to the Eighth Amended and Restated Limited Partnership Agreement of Plains AAP, L.P. was executed. The amendment revises the definition of "Permitted Transfer" to allow existing owners of less than 0.50% of Partnership Group Interests to transfer their interests under specific conditions:
- To certain family members, trusts, and partnerships if the owner is a natural person.
- To beneficial owners if the owner is not a natural person.
All such transfers require approval from the board of directors of PAA GP Holdings LLC.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items. The document is limited to the description of the executed amendment and the filing of the associated exhibit.
Key Facts for Investor Verification
- Verify the full text of Amendment No. 1 (Exhibit 3.1) to understand specific restrictions on the newly permitted transfers.
- Confirm the approval process required by the board of directors of PAA GP Holdings LLC for these transfers.
- Note that this filing does not impact the company's financial statements or operational results.