Company: PAGP
Filing Date: 2025-11-06
Form Type: 8-K
Source: 0001104659-25-107698
Chunk: 3

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-06
Form: 8-K
Item: Item 2.03
Chunk 3
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Item 2.03      Creation of a Direct Financial Obligation.  

As a result of the Transactions, PAA indirectly holds all equity interests in EPIC Crude Holdings and EPIC Crude Services,
LP (the “ Borrower”), which are parties to that certain Credit Agreement, dated as of October 15, 2024 (as amended, the “ EPIC
Credit Agreement”), by and among EPIC Crude Holdings, the 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 November 1, 2025, there were approximately $1.1 billion of borrowings outstanding under
the EPIC Term Loan and no borrowings outstanding under the EPIC Revolver. The EPIC Term Loan and the EPIC Revolver have scheduled maturity
dates of October 15, 2031 and 2029, respectively, subject to certain extensions and other terms and conditions set forth in the EPIC Credit
Agreement. PAA does not guarantee the obligations under the EPIC Credit Agreement. The obligations under the EPIC Credit Agreement are
guaranteed by, and secured by substantially all assets of, EPIC Crude Holdings, the Borrower and their subsidiaries.

Borrowings under the EPIC Credit Agreement accrue interest based, at the Borrower’s election, on either the Alternate Base Rate
or the Term SOFR, in each case, plus an applicable margin. In addition, the Borrower is required to pay each lender a commitment fee on
the daily unfunded amount of such lenders’ revolving commitment, including any issued letters of credit, which accrues at a rate
that ranges between 0.375% and 0.50%, depending on the Consolidated Net Leverage Ratio.

The EPIC Credit Agreement contains customary representations and warranties and events of default. Upon an event of default under the
EPIC Credit Agreement, the lenders thereunder may declare amounts outstanding to be immediately due and payable in whole or in part and
terminate the outstanding commitments. In addition, the EPIC Credit Agreement contains customary affirmative and negative covenants and
restrictive provisions that may, among other things, limit the Borrower’s ability to incur indebtedness, create liens,