{"url_path":"/sec/paa/8-k/2026-06-17/item-1-01","section_key":"item-1-01","section_title":"Item 1.01 **","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-06-17","source_url":"https://www.sec.gov/Archives/edgar/data/1070423/0001104659-26-075186-index.html","accession_number":"0001104659-26-075186","cik":"0001070423","ticker":"PAA","issuer_name":"PLAINS ALL AMERICAN PIPELINE LP","edgar_url":"https://www.sec.gov/Archives/edgar/data/1070423/0001104659-26-075186-index.html","primary_entity_key":"0001070423","primary_entity_name":"PLAINS ALL AMERICAN PIPELINE LP"},"word_count":763,"has_tables":true,"body_markdown":"**Item 1.01**\n**Entry into a Material Definitive Agreement.**\n\n** **\n\n**Senior Unsecured Revolving\nCredit Facility**\n\n** **\n\nOn June\n12, 2026, Plains All American Pipeline, L.P. (the “Partnership”) entered into an unsecured Credit Agreement (the “Revolving\nCredit Agreement”), among the Partnership, Plains Marketing, L.P., a Texas limited partnership (“PMLP”), and Plains\nCanada Liquid Pipelines ULC, a British Columbia unlimited liability company (“PCLP”), as Borrowers; certain subsidiaries of\nthe Partnership from time to time party thereto, as Designated Borrowers; Bank of America, N.A., as Administrative Agent and Swing Line\nLender; Bank of America, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association, as L/C Issuers; and the other\nLenders party thereto (terms used but not defined in this description of the Revolving Credit Agreement have the meanings assigned to\nthem in the Revolving Credit Agreement).\n\n \n\nThe Revolving\nCredit Agreement replaces (a) the Partnership’s Credit Agreement dated as of August 20, 2021, as amended to date, among the Partnership\nand PCLP, as Borrowers; certain subsidiaries of the Partnership from time to time party thereto, as designated borrowers; Bank of America,\nN.A., as Administrative Agent and Swing Line Lender; Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo\nBank, National Association, as L/C Issuers; and the other Lenders party thereto (as amended, the “Existing Revolving Credit Agreement”)\nand (b) PMLP’s Fourth Amended and Restated Credit Agreement dated as of August 20, 2021, as amended to date, among PMLP and PCLP,\nas Borrowers; the Partnership, as guarantor; Bank of America, N.A., as Administrative Agent and Swing Line Lender; Bank of America, N.A.,\nCitibank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as L/C Issuers; and the other Lenders party thereto\n(as amended, the “Hedged Inventory Facility”).\n\n \n\nThe committed\nborrowing capacity under the Revolving Credit Agreement is $2.7 billion, up to $800 million of which is available for the issuance\nof letters of credit and up to $225 million of which is available for swing line loans. The committed amount may be increased at\nthe option of the Partnership to $4.0 billion, subject to, among other terms and conditions, obtaining additional or increased lender\ncommitments. Further, the Revolving Credit Agreement permits each Canadian subsidiary of the Partnership that is then designated as a\nDesignated Borrower to obtain advances in Canadian or U.S. dollars and Letters of Credit, up to an aggregate outstanding principal amount\nof the U.S. dollar equivalent of $1.0 billion. Payment Obligations of each Designated Borrower are guaranteed by the Partnership.\nThe Revolving Credit Agreement has a scheduled maturity date of June 12, 2031 and provides for one or more one-year extensions subject\nto applicable lender approval and other terms and conditions set forth in the Revolving Credit Agreement.\n\n \n\nBorrowings\nunder the Revolving Credit Agreement accrue interest based, at the applicable Borrower’s election, on either Term SOFR, the Base\nRate, the Canadian Term Rate or the Canadian Prime Rate, in each case, plus an applicable margin. Fees on issued Letters of Credit accrue\nat the applicable margin for Term SOFR Loans and Canadian Term Rate Loans, and a commitment fee accrues at an applicable margin. The applicable\nmargin used in connection with interest rates and fees is based on the Partnership’s credit rating at the applicable time.\n\n \n\nThe Revolving\nCredit Agreement contains representations and warranties and events of default that are customary for investment grade, senior unsecured\ncommercial bank credit agreements. In addition, the Revolving Credit Agreement contains various covenants limiting the Partnership’s\nor certain of its subsidiaries’ ability to, among other things:\n\n \n\n·grant liens on their principal property or equity interests in subsidiaries of the Partnership;\n\n·incur indebtedness, including capital leases;\n\n·sell substantially all of our assets or enter into a merger or consolidation; and\n\n·engage in transactions with affiliates.\n\n \n\nIn addition,\nthe Revolving Credit Agreement prohibits the declaration or making of distributions on, or purchases or redemptions of, the Partnership’s\nequity interests if any Default or Event of Default has occurred and is continuing or, immediately after giving effect thereto, would\nresult therefrom.\n\n \n\n2\n\n \n\n \n\nThe financial\ncovenant in the Revolving Credit Agreement, tested on a quarterly basis, limits Consolidated Funded Indebtedness to adjusted Consolidated\nEBITDA to no greater than 5.00 to 1.00, which increases to 5.50 to 1.00 during an Acquisition Period.\n\n \n\nA\ndefault under the Revolving Credit Agreement would permit the Lenders to terminate their commitments and to accelerate the maturity of\nthe outstanding debt.\n\n \n\nThe above\ndescription of the Revolving Credit Agreement is qualified in its entirety by the terms of the Revolving Credit Agreement, which is attached\nhereto as Exhibit 10.1 and incorporated herein by reference."}