01—Abstract
Summary
Summary of the 8-K filed June 17, 2026. Cited figures are marked; the original filing is the authoritative source.
Plains All American Pipeline, L.P. reported in a Form 8-K dated June 17, 2026 that on June 12, 2026 it entered into a new unsecured Credit Agreement (the "Revolving Credit Agreement") with Bank of America, N.A. as Administrative Agent and Swing Line Lender, and with Bank of America, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association as L/C Issuers.
The Partnership, Plains Marketing, L.P. and Plains Canada Liquid Pipelines ULC are Borrowers, and certain subsidiaries may be designated as Designated Borrowers. The committed borrowing capacity is $2.7 billiona, expandable at the Partnership's option to $4.0 billion subject to additional lender commitments, with a scheduled maturity of June 12, 2031 and provisions for one-year extensions. The facility replaces the Partnership's Credit Agreement dated August 20, 2021 (as amended), referred to as the Existing Revolving Credit Agreement, and PMLP's Fourth Amended and Restated Credit Agreement dated August 20, 2021 (as amended), referred to as the Hedged Inventory Facility.
On June 12, 2026, in conjunction with closing, the Partnership, PCLP and PMLP repaid in full and terminated all obligations under both of those agreements. The new facility is described as customary for investment grade, senior unsecured bank credit agreements. It includes covenants restricting liens, indebtedness (including capital leases), asset sales or mergers, and affiliate transactions, and it prohibits distributions or equity repurchases while a Default or Event of Default exists.
The quarterly financial covenant caps Consolidated Funded Indebtedness to adjusted Consolidated EBITDA at 5.00 to 1.00, rising to 5.50 to 1.00 during an Acquisition Period. Pricing depends on the Partnership's credit rating.
02—Key points
Key Highlights
- New unsecured revolving credit facility entered June 12, 2026 with committed capacity of $2.7 billion, expandable to $4.0 billion.
- Sub-limits include up to $800 million for letters of credit and up to $225 million for swing line loans, and up to the U.S. dollar equivalent of $1.0 billion for Canadian Designated Borrowers.
- Scheduled maturity of June 12, 231 would be June 12, 2031, with one or more one-year extensions subject to lender approval.
- The facility replaces the August 20, 2021 Existing Revolving Credit Agreement and the Hedged Inventory Facility, both repaid in full and terminated on June 12, 2026.
- Financial covenant limits Consolidated Funded Indebtedness to adjusted Consolidated EBITDA of no greater than 5.00 to 1.00, increasing to 5.50 to 1.00 during an Acquisition Period.
- Covenants restrict liens, indebtedness, asset sales or mergers, and affiliate transactions, and distributions are prohibited during any continuing Default or Event of Default.
- Pricing (interest and fees) is tied to the Partnership's credit rating, and the Partnership guarantees Designated Borrower obligations.
03—Questions
Frequently Asked Questions
What is the size and term of the new credit facility?
The committed borrowing capacity is $2.7 billion, which the Partnership may increase to $4.0 billion subject to additional or increased lender commitments and other conditions. The scheduled maturity is June 12, 2031, with one or more one-year extensions subject to lender approval.
What existing debt facilities were replaced?
The new agreement replaced the Partnership's Credit Agreement dated August 20, 2021, as amended (Existing Revolving Credit Agreement), and PMLP's Fourth Amended and Restated Credit Agreement dated August 20, 2021, as amended (Hedged Inventory Facility). Both were repaid in full and terminated on June 12, 2026.
Who are the borrowers and lenders under the facility?
The Borrowers are Plains All American Pipeline, L.P., Plains Marketing, L.P. and Plains Canada Liquid Pipelines ULC, plus certain designated subsidiaries. Bank of America, N.A. serves as Administrative Agent and Swing Line Lender, and Bank of America, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association serve as L/C Issuers, along with other lenders.
What financial covenant applies to the facility?
Tested quarterly, Consolidated Funded Indebtedness to adjusted Consolidated EBITDA must be no greater than 5.00 to 1.00, which increases to 5.50 to 1.00 during an Acquisition Period.
What happens if the Partnership defaults?
A default would permit the Lenders to terminate their commitments and accelerate the maturity of outstanding debt. Distributions on or repurchases of equity interests are also prohibited while a Default or Event of Default is continuing or would result.
04—Continue