Phillips 66 (PSX): debt financing — Phillips 66 secures $2.25B term loan, boosts receivables facility to $1.75B

Phillips 66

Borrowed $2.25B under 364-day term loan on March 18, 2026; entire amount drawn at closing.
Interest on term loan is Term SOFR + 1.100% or reference rate + 0.100%; guaranteed by Phillips 66.
Amended receivables facility to increase maximum from $1.25B to $1.75B, with potential future increase to $2.0B.
Loan covenants include maximum consolidated net debt-to-capitalization ratio of 65%.
Proceeds used for general corporate purposes; customary events of default apply.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Phillips 66 amended debt of increase the maximum facility size from $1.25 billion to $1.75 billion and permit a future increase to up to $2.0 billio with PNC Bank, National Association, as administrative agent.

Principal: increase the maximum facility size from $1.25 billion to $1.75 billion and permit a future increase to up to $2.0 billio
Counterparty: PNC Bank, National Association, as administrative agent
Event: amendment

Exact text from the filing

The Receivables Facility Amendment amends the RPFA to, among other things, (i) increase the maximum facility size from $1.25 billion to $1.75 billion and (ii) permit the SPE to request a future increase in the maximum facility size to up to $2.0 billion.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Phillips 66 incurred term loan of $2.25 billion with Mizuho Bank, Ltd., as administrative agent at Term SOFR plus an applicable margin of 1.100% or the reference rate plus an appl maturing 364 days after the Term Loan Closing Date.

Instrument: term loan
Principal: $2.25 billion
Counterparty: Mizuho Bank, Ltd., as administrative agent
Rate: Term SOFR plus an applicable margin of 1.100% or the reference rate plus an appl
Maturity: 364 days after the Term Loan Closing Date
Event: incurrence

Exact text from the filing

On March 18, 2026 (the "Term Loan Closing Date"), Phillips 66 Company (the "Company"), a wholly owned subsidiary of Phillips 66 ("Phillips 66"), entered into a 364-day, $2.25 billion term loan credit agreement with a syndicate of banks and other financial institutions party thereto and Mizuho Bank, Ltd., as administrative agent (the "Term Loan Agreement").

View on SEC.gov

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

Phillips 66 entered into Term Loan Agreement with Mizuho Bank, Ltd., as administrative agent valued at $2.25 billion (effective 2026-03-18).

Action: entry
Agreement: credit facility
Counterparty: Mizuho Bank, Ltd., as administrative agent
Value: $2.25 billion
Effective: 2026-03-18

Exact text from the filing

On March 18, 2026 (the “Term Loan Closing Date”), Phillips 66 Company (the “Company”), a wholly owned subsidiary of Phillips 66 (“Phillips 66”), entered into a 364-day, $2.25 billion term loan credit agreement with a syndicate of banks and other financial institutions party thereto and Mizuho Bank, Ltd., as administrative agent (the “Term Loan Agreement”).

View on SEC.gov

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

Phillips 66 entered into Fourth Amendment to Receivables Purchase and Financing Agreement with PNC Bank, National Association, as administrative agent valued at $1.75 billion (effective 2026-03-13).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association, as administrative agent
Value: $1.75 billion
Effective: 2026-03-13

Exact text from the filing

On March 13, 2026, the Company amended the Company’s accounts receivable securitization program. In connection therewith, the Company entered into the Fourth Amendment to Receivables Purchase and Financing Agreement (the “Receivables Facility Amendment”) to amend its existing Receivables Purchase and Financing Agreement dated September 30, 2024 (as amended, the “RPFA”), among the Company, as servicer, Phillips 66 Receivables LLC, as SPE (the “SPE”), the purchaser/lenders party thereto from time to time, PNC Capital Markets LLC, as structuring agent, and PNC Bank, National Association, as administrative agent.

View on SEC.gov

8 debt financings filed in the last 30 days. Browse all debt financings →

Phillips 66 filing history →

Source: SEC EDGAR

accession 0001193125-26-114070

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.