Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 152

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 152
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.85% Senior Notes due January 2023January 2023(2)2022$750 million 3.65% Senior Notes due June 2022March 2022(2)(1)PAA repaid these senior notes with proceeds from its 5.70% senior notes issued in June 2024, cash on hand and borrowings under its commercial paper program.(2)PAA repaid these senior notes with cash on hand and borrowings under its commercial paper program.MaturitiesThe weighted average maturity of PAA’s senior notes outstanding at December 31, 2024 was approximately 10 years. The following table presents the aggregate contractually scheduled maturities of such senior notes for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.Calendar YearPayment(in millions)2025$1,000 2026$750 2027$— 2028$— 2029$1,000 Thereafter$4,433 Covenants and ComplianceThe credit agreements for PAA’s revolving credit facilities (which impact the ability to access the PAA commercial paper program because they provide the financial backstop that supports PAA’s short-term credit ratings) and the indentures governing PAA’s senior notes contain cross-default provisions. PAA’s credit agreements prohibit declaration or payments of distributions on, or purchases or redemptions of, units if any default or event of default is continuing. In addition, PAA’s agreements contain various covenants limiting PAA’s ability to, among other things:•grant liens on certain property;•incur indebtedness, including finance leases;•sell substantially all of its assets or enter into a merger or consolidation;•engage in certain transactions with affiliates; and•enter into certain burdensome agreements.

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Table of ContentsIndex to Financial StatementsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The credit agreements for the PAA senior unsecured revolving credit facility and senior secured hedged inventory facility treat a change of control as an event of default and also require PAA to maintain a debt-to-EBITDA coverage ratio that, on a trailing four-quarter basis, will not be greater than 5.00 to 1.00 (or 5.50 to 1.00 on all outstanding debt during an acquisition period (generally, the period consisting