Additionally, on March 13, 2026, Phillips 66 amended its accounts receivable securitization program, increasing the maximum facility size from $1.25 billion to $1.75 billion, with provisions allowing for a future increase to $2.0 billion. This amendment is part of the company’s strategy to enhance liquidity and financial flexibility. The banks involved in both the term loan and the receivables facility may continue to provide various financial services to Phillips 66, which could lead to further financial benefits for the company. Overall, these financial maneuvers are expected to bolster Phillips 66's liquidity position and support its operational strategies moving forward.
2026-03-18 20:29:59
Phillips 66 Secures $2.25 Billion Term Loan and Amends Receivables Facility
Expected Stock impact: Slightly Positive
On March 18, 2026, Phillips 66 Company, a wholly owned subsidiary of Phillips 66, entered into a significant financial agreement by securing a $2.25 billion term loan credit agreement with a syndicate of banks, including Mizuho Bank, Ltd. as the administrative agent. This term loan is structured as a 364-day facility, allowing for a single borrowing on the closing date, with a maturity set for March 17, 2027. The agreement includes customary covenants, such as maintaining a maximum consolidated net debt-to-capitalization ratio of 65% at the end of each fiscal quarter. The interest on the loan will be based on either the Term SOFR rate plus an applicable margin of 1.100% or a reference rate plus an applicable margin of 0.100%. As of the closing date, Phillips 66 has drawn the entire amount of the loan.
Additionally, on March 13, 2026, Phillips 66 amended its accounts receivable securitization program, increasing the maximum facility size from $1.25 billion to $1.75 billion, with provisions allowing for a future increase to $2.0 billion. This amendment is part of the company’s strategy to enhance liquidity and financial flexibility. The banks involved in both the term loan and the receivables facility may continue to provide various financial services to Phillips 66, which could lead to further financial benefits for the company. Overall, these financial maneuvers are expected to bolster Phillips 66's liquidity position and support its operational strategies moving forward.
Additionally, on March 13, 2026, Phillips 66 amended its accounts receivable securitization program, increasing the maximum facility size from $1.25 billion to $1.75 billion, with provisions allowing for a future increase to $2.0 billion. This amendment is part of the company’s strategy to enhance liquidity and financial flexibility. The banks involved in both the term loan and the receivables facility may continue to provide various financial services to Phillips 66, which could lead to further financial benefits for the company. Overall, these financial maneuvers are expected to bolster Phillips 66's liquidity position and support its operational strategies moving forward.
