Phillips 66’s $1 Billion Delayed Draw Term Loan Agreement With Mizuho Bank

Bracewell LLP represented Phillips 66, as borrower, in a $1 billion 364-day delayed draw term loan agreement with Mizuho Bank, Ltd. as administrative agent and lead arranger.

Pursuant to the agreement, Phillips 66 has the option to increase the amount of the facility by up to an additional $1 billion, subject to, among other things, the reduction of Mizuho’s initial funded amount and additional lenders providing additional commitments and loans.

Phillips 66 is a diversified energy manufacturing and logistics company with unique businesses in refining, midstream, chemicals and marketing.

Bracewell team included Partners Heather L. Brown (Picture) and Robin J. Miles, and Associate Emily A. Banse.

Involved fees earner: Emily Banse – Bracewell; Heather Brown – Bracewell; Robin Miles – Bracewell;

Law Firms: Bracewell;

Clients: Phillips 66 Partners LP;

Author: Ambrogio Visconti