PLAINS ALL AMERICAN PIPELINE LP 8-K

What Happened

• On February 26, 2026, Plains All American Pipeline, L.P. (PAA) and certain subsidiaries entered into two third amendments: a Third Amendment to the Credit Agreement (the Revolver Third Amendment) and a Third Amendment to the Fourth Amended and Restated Credit Agreement (the Hedged Inventory Third Amendment), each 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 under the applicable facility. As part of this substitution, (a) commitments to extend credit to PMCULC under the facilities were terminated, (b) PMCULC was released from its obligations (and, for the Hedged Inventory Facility, related liens were released), and (c) PCLPULC agreed to be bound by the credit agreements and, for the Hedged Inventory Facility, joined the security documents and granted the stated security interests.
• The amendments include customary conditions, representations, warranties and ratifications; PAA’s guaranty of borrower obligations under the Hedged Inventory Facility remains in full force and effect. Other material economic terms—aggregate lender commitments, maturity dates, pricing and covenants—were not changed.

Key Details

• Date of amendments: February 26, 2026.
• Facilities amended: the Revolver (Credit Agreement dated Aug 20, 2021) and the Hedged Inventory Facility (Fourth Amended and Restated Credit Agreement dated Aug 20, 2021).
• Borrower swap: PMCULC → PCLPULC; PMCULC released and its collateral liens under the Hedged Inventory Facility released.
• PAA guaranty remains effective; no change to aggregate commitments, maturities, pricing or covenants.

Why It Matters

• For investors, this filing reflects a change in which legal entity in the Plains group is the borrower and which entity holds associated security interests in the Canadian facilities — which affects legal-credit relationships and where credit risk and collateral sit within the corporate structure.
• The company did not alter the size, pricing, maturities or covenants of the facilities, so the group’s overall committed credit capacity and economic terms remain unchanged. PAA’s guaranty staying in place means the parent continues to carry contingent obligations for those borrowings.
• Monitor future filings for any related operational or tax disclosures, or changes to consolidated debt levels, but this 8‑K itself primarily documents a legal/administrative restructuring of borrower parties rather than new borrowing or material economic changes.