Plains All American (PAA) updates credit facilities, swaps Canadian borrower entity

Rhea-AI Filing Summary

Plains All American Pipeline, L.P. entered into third amendments to its main revolving credit facility and its hedged inventory credit facility with Bank of America and other lenders. These amendments primarily substitute Plains Canada Liquid Pipelines ULC as a borrower in place of Plains Midstream Canada ULC.

In connection with this change, commitments to extend credit to Plains Midstream Canada ULC were terminated, that entity was released from its obligations and related collateral liens were released, while Plains Canada Liquid Pipelines ULC agreed to be bound by the existing credit agreements and, for the hedged inventory facility, granted new collateral. The company states that aggregate lender commitments, maturity dates, pricing, covenants and other material economic terms of both facilities remain unchanged.

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PLAINS ALL AMERICAN PIPELINE LP

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – February 26, 2026

Plains All American Pipeline, L.P.

(Exact name of registrant as specified in its charter)

Delaware	1-14569	76-0582150
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

333 Clay Street, Suite 1600, Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

713-646-4100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which  registered
Common Units		PAA		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Item 1.01 Entry into a Material Definitive Agreement.

The information contained in Item 2.03 regarding the Amendments, as defined below, is incorporated by reference into this Item 1.01.

Item 2.03 Creation of a Direct Financial Obligation.

On February 26, 2026, Plains All American Pipeline, L.P. (“PAA”) and certain of its subsidiaries entered into (i) a Third Amendment to Credit Agreement (the “Revolver Third Amendment”) with Bank of America, N.A., as administrative agent, and the lenders party thereto, which amends that certain Credit Agreement dated as of August 20, 2021 (as previously amended, the “Revolver”), and (ii) a Third Amendment to Fourth Amended and Restated Credit Agreement (the “Hedged Inventory Third Amendment,” and together with the Revolver Third Amendment, the “Amendments”) with Bank of America, N.A., as administrative agent, and the lenders party thereto, which amends that certain Fourth Amended and Restated Credit Agreement dated as of August 20, 2021 (as previously amended, the “Hedged Inventory Facility”).

Among other things, each Amendment replaces Plains Midstream Canada ULC (“PMCULC”) with Plains Canada Liquid Pipelines ULC (“PCLPULC”) as a borrower under the applicable facility. In connection with such replacement, (a) all commitments to extend credit to PMCULC under the applicable facility were terminated, (b) PMCULC was released from its obligations under the applicable loan documents, and, with respect to the Hedged Inventory Facility, any liens on collateral granted by PMCULC under the related collateral documents were released, and (c) PCLPULC agreed to be bound by the terms of the applicable credit agreement as if originally a borrower thereunder and, with respect to the Hedged Inventory Facility, joined the security documents and granted a security interest in the collateral described therein.

The Amendments also include customary conditions to effectiveness. The Amendments further include customary representations and warranties and ratifications by PAA and the other parties, including confirmation that PAA’s guaranty of borrower obligations under the Hedged Inventory Facility remains in full force and effect.

Other than as described above, the Amendments did not change the aggregate lender commitments, maturity dates, pricing, covenants or other material economic terms of the Revolver or the Hedged Inventory Facility.

The foregoing descriptions of the Revolver Third Amendment and the Hedged Inventory Third Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)            Exhibits

Exhibit  Number		Description
10.1		Third Amendment to Credit Agreement, dated as of February 26, 2026, by and among Plains All American Pipeline, L.P., Plains Canada Liquid Pipelines ULC, Bank of America, N.A., as Administrative Agent, and the lenders party thereto.
10.2		Third Amendment to Fourth Amended and Restated Credit Agreement, dated as of February 26, 2026, by and among Plains Marketing, L.P., Plains Canada Liquid Pipelines ULC, Plains All American Pipeline, L.P., Bank of America, N.A., as Administrative Agent, and the lenders party thereto.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 3, 2026

PLAINS ALL AMERICAN PIPELINE, L.P.

By: PAA GP LLC, its general partner

By: Plains AAP, L.P., its sole member

By: Plains All American GP LLC, its general partner

	By:	/s/ Richard McGee
	Name:	Richard McGee
	Title:	Executive Vice President and General Counsel

FAQ

What did Plains All American Pipeline (PAA) change in its credit facilities?

Plains All American Pipeline amended its main revolving and hedged inventory credit facilities to substitute Plains Canada Liquid Pipelines ULC as a borrower, replacing Plains Midstream Canada ULC, while keeping overall commitments, maturity dates, pricing, covenants and other key economic terms the same.

Did Plains All American Pipeline (PAA) change borrowing capacity with these amendments?

The company states the amendments did not change aggregate lender commitments. This means the overall borrowing capacity under the revolving credit facility and the hedged inventory facility remains the same, even though the specific Canadian borrowing entity and related collateral arrangements were updated.

How do the amendments affect Plains Midstream Canada ULC under PAA’s facilities?

All commitments to extend credit to Plains Midstream Canada ULC were terminated and it was released from obligations under the loan documents. For the hedged inventory facility, any liens on collateral granted by Plains Midstream Canada ULC were also released as part of the borrower substitution.

What obligations did Plains Canada Liquid Pipelines ULC assume under PAA’s facilities?

Plains Canada Liquid Pipelines ULC agreed to be bound by the existing credit agreements as if originally a borrower. Under the hedged inventory facility, it also joined the security documents and granted a security interest in the described collateral supporting obligations under that facility.

Does Plains All American Pipeline (PAA) still guarantee the hedged inventory facility?

Yes. The amendments include ratifications confirming that Plains All American Pipeline’s guaranty of borrower obligations under the hedged inventory facility remains in full force and effect, indicating the parent’s guarantee support continues despite the change in the Canadian borrowing entity.

Are there new financial covenants in PAA’s amended credit agreements?

The company indicates the amendments did not change covenants or other material economic terms. This suggests existing covenant structures under both the revolving credit agreement and the hedged inventory credit agreement remain in place after the borrower substitution and related technical updates.

Filing Exhibits & Attachments

5 documents

Agreements & Contracts

• EX-10.1 EXHIBIT 10.1 108.0 KB
• EX-10.2 EXHIBIT 10.2 115.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.9 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 33.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 21.8 KB