Business Context and Reporting Period
Company: Plains GP Holdings, L.P. (PAGP)
Filing Type: Form 8-K (Current Report)
Date of Report: June 12, 2026
Principal Event: Entry into a new Senior Unsecured Revolving Credit Facility and termination of prior credit agreements.
Key Financial Metrics and Facility Details
This filing details the terms of a new credit facility rather than reporting operational financial results (revenue, profit, or cash flow) for a specific period.
- Committed Borrowing Capacity: $2.7 billion.
- Expansion Option: Capacity may be increased to $4.0 billion subject to lender commitments.
- Letters of Credit: Up to $800 million available.
- Swing Line Loans: Up to $225 million available.
- Canadian Subsidiary Capacity: Up to $1.0 billion (U.S. dollar equivalent) for designated Canadian borrowers.
- Maturity Date: June 12, 2031, with options for one-year extensions.
- Financial Covenant: Consolidated Funded Indebtedness to adjusted Consolidated EBITDA ratio limited to 5.00:1.00 (increases to 5.50:1.00 during an Acquisition Period).
Material Changes Versus Prior Period
The new Revolving Credit Agreement replaces two prior facilities effective June 12, 2026:
- Existing Revolving Credit Agreement: Dated August 20, 2021 (as amended).
- Hedged Inventory Facility: Fourth Amended and Restated Credit Agreement dated August 20, 2021 (as amended).
All outstanding obligations under the terminated agreements were repaid in full in conjunction with the closing of the new facility.
Management Commentary, Risks, and Covenants
Covenants and Restrictions: The agreement includes customary covenants for investment-grade senior unsecured debt, limiting the ability to:
- Grant liens on principal property or subsidiary equity.
- Incur additional indebtedness or capital leases.
- Sell substantially all assets or merge/consolidate.
- Engage in affiliate transactions.
Distribution Restrictions: The agreement prohibits the declaration or making of distributions on, or purchases/redemptions of, equity interests if a Default or Event of Default has occurred or would result from such actions.
Interest and Fees: Borrowings accrue interest based on Term SOFR, Base Rate, Canadian Term Rate, or Canadian Prime Rate plus an applicable margin tied to the borrower's credit rating.
Important Facts for Investor Verification
- Verify the current credit rating of Plains All American Pipeline, L.P. (PAA) to determine the applicable interest rate margin.
- Confirm the company's current Consolidated Funded Indebtedness to adjusted Consolidated EBITDA ratio to ensure compliance with the 5.00:1.00 covenant.
- Review the full text of the Credit Agreement (Exhibit 10.1) for specific definitions of "Acquisition Period" and "Default."
- Note that this filing does not contain revenue, earnings, or cash flow data for the reporting period.