Phillips 66 subsidiary enters $5B revolver and issues $1.5B in senior notes

Phillips 66

New $5B revolving credit facility matures February 2029; replaces prior $5B facility.
Issued $600M (5.250% due 2031), $400M (5.300% due 2033), $500M (5.650% due 2054) senior notes.
Proceeds to redeem $300M of DCP Midstream 5.375% notes due 2025 and repay $700M of term loan.
Credit agreement contains customary covenants including max 65% net debt-to-capitalization ratio.

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. valued at $5 billion (effective 2024-02-28).

Action: entry
Agreement: credit facility
Counterparty: a syndicate of banks and other financial institutions party thereto and Mizuho Bank, Ltd.
Value: $5 billion
Effective: 2024-02-28

Exact text from the filing

On February 28, 2024, Phillips 66 Company (the “Company”), a wholly-owned subsidiary of Phillips 66, entered into a $5 billion revolving credit 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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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Phillips 66 terminated Existing Credit Agreement (effective 2024-02-28).

Action: termination
Agreement: credit facility
Effective: 2024-02-28

Exact text from the filing

The Credit Agreement is guaranteed by Phillips 66 and replaces the $5 billion Credit Agreement dated as of June 23, 2022 (the “Existing Credit Agreement”) with the Company as the borrower and Phillips 66 as guarantor.

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754 material agreements filed in the last 30 days. Browse all material agreements →

Phillips 66 filing history →

Source: SEC EDGAR

accession 0001193125-24-050838

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