secwatch.observer — SEC 8-K summary
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Issuer:     Phillips 66 (PSX)
CIK:        0001534701
Form:       8-K
Filed at:   2026-03-18T23:59:59+00:00
Accession:  0001193125-26-114070
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Phillips 66 secures $2.25B term loan, boosts receivables facility to $1.75B
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1534701/000119312526114070/0001193125-26-114070-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1534701/000119312526114070/d20718d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-114070

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