Phillips 66 extends $5 billion revolver to 2024, amends covenant

By Angela McDaniels

Tacoma, Wash., Aug. 1 – Phillips 66 amended and restated its $5 billion revolving credit agreement on Tuesday to extend the maturity date to July 30, 2024 from Oct. 3, 2021 and increase the maximum consolidated net debt to capitalization ratio allowed under the agreement to 65%, according to an 8-K filing with the Securities and Exchange Commission.

The company has the option to extend the maturity for up to two additional one-year terms, subject to the consent of the lenders holding the majority of the commitments and of each lender extending its commitment.

At closing, the company had no borrowings under the revolver.

The revolver has a $1 billion accordion feature.

JPMorgan Chase Bank NA is the administrative agent.

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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