Company: PAGP
Filing Date: 2025-01-15
Form Type: 8-K
Source: 0001104659-25-003786
Chunk: 0

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-01-15
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement.  

On January 15, 2025, the registrant’s consolidated
subsidiaries, Plains All American Pipeline, L. P. (“ PAA”) and PAA Finance Corp. (together with PAA, the “ Issuers”)
completed the public offering (the “ Offering”) of $1 billion aggregate principal amount of the Issuers’ 5.950% Senior
Notes due 2035 (the “ Notes”).

The terms of the Notes are governed by the indenture
(the “ Base Indenture,” and as amended and supplemented by the Supplemental
Indenture (defined below), the “ Indenture”) dated as of September 25, 2002 by and among the Issuers and U. S. Bank Trust
Company, National Association (as successor trustee), as trustee (the “ Trustee”), as supplemented by the Thirty-Fourth Supplemental
Indenture dated as of January 15, 2025 by and among the Issuers and the Trustee (the “ Supplemental Indenture”).

The Notes
will mature on June 15, 2035. Interest is payable on the Notes on each June 15 and December 15, commencing on June 15, 2025.
The Issuers may redeem some or all of the Notes at any time and from time to time prior to maturity at the redemption prices specified
in the Indenture.

The Notes
are PAA’s senior unsecured obligations, will rank equally in right of payment with all of PAA’s existing and future senior
debt, and will rank senior in right of payment to all of PAA’s future subordinated debt. The Notes will be effectively subordinated
to all of PAA’s existing and future secured debt to the extent of the value of the collateral securing such indebtedness.

In certain
circumstances, the Indenture restricts PAA’s ability and the ability of certain of its subsidiaries to: (i) enter into sale
and leaseback transactions; (ii) incur liens; (iii) merge or consolidate with another company; and (iv) transfer and sell
assets. These covenants are subject to a number of important exceptions and qualifications.

The Indenture contains customary events of default
with respect to the Notes, including:

  default in any payment of interest on any Note of that series when due, continued for 60 days;