Plains All American Pipeline Reports Material Agreements & Obligations

TL;DR

PAA entered/terminated material agreements and has new financial obligations.

AI Summary

Plains All American Pipeline, L.P. reported on November 26, 2025, the entry into a material definitive agreement and the termination of a material definitive agreement. The company also disclosed the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement. The filing includes financial statements and exhibits.

Why It Matters

This filing indicates significant changes in Plains All American Pipeline's contractual and financial commitments, which could impact its future operations and financial health.

Risk Assessment

Risk Level: medium — The nature of the agreements and obligations is not detailed, making it difficult to assess the precise risk, but material changes in agreements and financial obligations inherently carry risk.

Key Players & Entities

• Plains All American Pipeline, L.P. (company) — Registrant
• November 26, 2025 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $1.2 billion — he EPIC Credit Agreement provides for a $1.2 billion term loan (the "EPIC Term Loan") and a
• $125.0 million — term loan (the "EPIC Term Loan") and a $125.0 million revolving credit facility (the "EPIC Re
• $1.1 billion — ember 1, 2025, there were approximately $1.1 billion of borrowings outstanding under the EPI

Filing Documents

• tm2532637d1_8k.htm (8-K) — 38KB
• tm2532637d1_ex10-1.htm (EX-10.1) — 606KB
• 0001104659-25-118133.txt ( ) — 945KB
• paa-20251126.xsd (EX-101.SCH) — 3KB
• paa-20251126_lab.xml (EX-101.LAB) — 33KB
• paa-20251126_pre.xml (EX-101.PRE) — 22KB
• tm2532637d1_8k_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. The information contained in Item 2.03 regarding the Term Loan Agreement, as defined below, is incorporated by reference into this Item 1.01.

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. On October 31, 2025, Plains All American Pipeline, L.P. ("PAA" or the "Registrant"), through a wholly-owned subsidiary, acquired 100% of the equity interests in EPIC Crude Holdings, LP ("EPIC Crude Holdings") and 100% of the membership interests in EPIC Crude Holdings GP, LLC, which own and operate the EPIC Crude Oil Pipeline. EPIC Crude Holdings is party to that certain Credit Agreement, dated as of October 15, 2024 (as amended, the "EPIC Credit Agreement"), by and among EPIC Crude Holdings, EPIC Crude Services, LP, as borrower, Goldman Sachs Bank USA, as administrative and collateral agent, and the lenders and letters of credit issuers party thereto from time to time. The EPIC Credit Agreement provides for a $1.2 billion term loan (the "EPIC Term Loan") and a $125.0 million revolving credit facility (the "EPIC Revolver"). As of December 1, 2025, there were approximately $1.1 billion of borrowings outstanding under the EPIC Term Loan and no borrowings outstanding under the EPIC Revolver. On December 1, 2025, PAA terminated the EPIC Credit Agreement and repaid all amounts outstanding thereunder.

03 Creation of a Direct Financial Obligation

Item 2.03 Creation of a Direct Financial Obligation. On November 26, 2025, PAA entered into a term loan agreement (the "Term Loan Agreement") by and among PAA, as borrower, PNC Bank, National Association, as administrative agent, and the other lenders party thereto (collectively, the "Lenders"). The Term Loan Agreement provides for a $1.1 billion senior unsecured term loan (the "Term Loan") to be funded on or prior to December 2, 2025. The Term Loan will mature on the two-year anniversary of the closing date. PAA may at any time prepay amounts outstanding under the Term Loan Agreement, in whole or in part, without premium or penalty. The closing of the previously announced sale by PAA of its Canadian natural gas liquids business to Keyera Corp. will trigger mandatory prepayment of all amounts outstanding under the Term Loan Agreement within seven (7) business days of the closing of such sale. Borrowings under the Term Loan Agreement accrue interest based, at PAA's election, on either Term SOFR or the Base Rate, in each case, plus an applicable rate. From the closing date to (but excluding) the first anniversary of the closing date, the applicable rate is 1.125% for Term SOFR Loans and 0.125% for Base Rate Loans; on and after the first anniversary, the applicable rate increases to 1.250% for Term SOFR Loans and 0.250% for Base Rate Loans. The Term Loan Agreement contains representations and warranties and events of default that are customary for investment grade, senior unsecured commercial bank term loan facilities. Upon an event of default under the Term Loan Agreement, the Lenders thereunder may declare amounts outstanding to be immediately due and payable. In addition, the Term Loan Agreement contains customary covenants limiting PAA's or certain of its subsidiaries' ability to, among other things: grant liens on their principal property or equity interests in subsidiaries of PAA; incur indebtedness, including capital leases; sell substantially all of t

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1# Term Loan Agreement, dated as of November 26, 2025, by and among Plains All American Pipeline, L.P., PNC Bank, National Association, as administrative agent, and the other lenders party thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). # Certain schedules and exhibits to this agreement have been omitted. A copy of any omitted schedule and/or exhibit will be furnished to the U.S. Securities and Exchange Commission on request. 3

SIGNATURES

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: December 3, 2025 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 4

View Full Filing

View this 8-K filing on SEC EDGAR