Phillips 66 signs $5 billion five-year replacement revolver

By Wendy Van Sickle

Columbus, Ohio, Feb. 28 – Phillips 66 Co. entered into a $5 billion revolving credit agreement with a scheduled maturity of Feb. 28, 2029 on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The revolver replaces an existing $5 billion revolver dated June 23, 2022.

The company has the option to extend the maturity of the new revolver for up to two additional one-year terms, subject to lender consent.

The company may request to increase the capacity by up to an additional $1 billion.

Borrowings bear interest at term SOFR plus a margin ranging from 75 basis points to 125 bps, and the commitment fee ranges from 6 bps to 15 bps, both based on the company’s senior unsecured long-term debt.

Mizuho Bank, Ltd. is the administrative agent.

JPMorgan Chase Bank, NA, Mizuho, MUFG Bank, Ltd. And TD Securities (USA) LLC are the co-syndication agents.

Bank of America, NA, Barclays Bank plc, Goldman Sachs Bank USA, PNC Bank, NA, Royal Bank of Canada, Sumitomo Mitsui Banking Corp. and Bank of Nova Scotia are the co-documentation agents.

Barclays, BofA Securities, Inc., Goldman Sachs, JPMorgan, Mizuho, MUFG, PNC Capital Markets LLC, TD Securities, Royal Bank of Canada, Scotia, Truist Securities, Inc. and Sumitomo are the lead arrangers and bookrunners.

The credit agreement is guaranteed by Phillips 66.

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

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