Phillips 66 enters $1.5B delayed draw term loan and issues $1.25B in senior notes

Phillips 66

Phillips 66 subsidiary entered $1.5B delayed draw term loan; matures 3 years from funding date.
Issued $750M 4.950% Senior Notes due 2027 and $500M 5.300% Senior Notes due 2033, guaranteed by Phillips 66.
Term loan includes max consolidated net debt-to-capitalization ratio of 65%.
Note offering underwritten by several banks; proceeds for general corporate purposes.
Interest rate margins on term loan based on credit ratings; increase after second anniversary.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Phillips 66 entered into Credit Agreement with a syndicate of banks and other financial institutions party thereto and Mizuho Bank, Ltd., as administrative agent valued at $1.5 billion (effective 2023-03-27).

Action: entry
Agreement: credit facility
Counterparty: a syndicate of banks and other financial institutions party thereto and Mizuho Bank, Ltd., as administrative agent
Value: $1.5 billion
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023 (the “Closing Date”), Phillips 66 Company (the “Company”), a wholly-owned subsidiary of Phillips 66, a Delaware corporation (“Phillips 66”), entered into a $1.5 billion delayed draw term loan agreement with a syndicate of banks and other financial institutions party thereto and Mizuho Bank, Ltd., as administrative agent (the “Credit Agreement”).

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Phillips 66 filing history →

Source: SEC EDGAR

accession 0001193125-23-083818

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