PLAINS GP HOLDINGS LP 8-K

What Happened

• On February 26, 2026, Plains All American Pipeline, L.P. (PAA), a subsidiary of Plains GP Holdings LP, entered into two Third Amendments to its credit agreements — a Third Amendment to the Revolver and a Third Amendment to the Hedged Inventory Facility — with Bank of America, N.A., as administrative agent and the lenders party thereto.
• Each Amendment replaces Plains Midstream Canada ULC (PMCULC) with Plains Canada Liquid Pipelines ULC (PCLPULC) as a borrower. As a result, commitments to PMCULC under the facilities were terminated, PMCULC was released from its obligations (and, for the Hedged Inventory Facility, related collateral liens were released), and PCLPULC agreed to be bound as if originally a borrower and granted the applicable security interests. The filing confirms PAA’s guaranty of borrower obligations under the Hedged Inventory Facility remains in full force and effect. The Amendments did not change aggregate lender commitments, maturity dates, pricing, covenants or other material economic terms.

Key Details

• Date of amendments: February 26, 2026.
• Facilities amended: the Revolver (credit agreement dated Aug 20, 2021, as amended) and the Fourth Amended and Restated Hedged Inventory Facility (dated Aug 20, 2021, as amended).
• Borrower change: PMCULC removed; PCLPULC added as borrower and provider of security; PMCULC released and its liens (under the Hedged Inventory Facility) released.
• Guaranty and economics: PAA’s guaranty remains active; no change to lender commitments, maturities, pricing or covenants.

Why It Matters

• For investors, this is primarily an intra-group reorganization of which legal entity serves as borrower and grants collateral in Canada — not a change in the company’s overall borrowing capacity or the economic terms of the facilities.
• Because PCLPULC now has direct obligations and provides security, the legal and collateral structure of Plains’ Canadian operations has changed; however, PAA remains the guarantor on the Hedged Inventory Facility, so the parent’s credit exposure to those obligations is unchanged.
• This filing signals administrative credit-document housekeeping rather than new debt or amended economic terms, but investors tracking subsidiary-level credit or collateral should note the borrower and lien changes.