---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-083818"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2023-03-29T23:59:59+00:00"
generated_at: "2026-06-17T10:23:32.060896+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-083818
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2023-03-29T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534701/000119312523083818/0001193125-23-083818-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000119312523083818/d488933d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-083818
- JSON: https://secwatch.observer/filing/0001193125-23-083818.json
- Plain text: https://secwatch.observer/filing/0001193125-23-083818.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1534701/000119312523083818/0001193125-23-083818-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.