Phillips 66 draws down remaining $1 billion under term loan agreement

By Rebecca Melvin

New York, April 7 – Phillips 66 has drawn down the remaining $1 billion available under its 364-day delayed draw term loan agreement, according to an 8-K filing with the Securities and Exchange Commission.

The March 19 agreement with Mizuho Bank Ltd. as administrative agent and as lead arranger was for $2 billion in total.

In connection with the increase, the company and Phillips 66 Co., as initial guarantor, entered into a master new lender agreement with certain lenders, and Mizuho, as administrative agent. New lenders include Bank of America NA, Bank of Nova Scotia, Houston Branch, BNP Paribas, Citibank NA, Toronto-Dominion Bank, New York Branch, Truist Bank, Commerzbank AG, New York Branch, MUFG Union Bank NA, Bank of China, New York Branch, Goldman Sachs Bank USA, Royal Bank of Canada and U.S. Bank NA.

The company expects that certain of the lenders under the new agreement will have in the past performed, and may in the future from time to time perform, investment banking, financial advisory, lending and/or commercial banking services or other services for the company or its affiliates.

The credit agreement is guaranteed by Phillips 66 Co.

Phillips 66 is a Houston-based energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses.

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