Bracewell Represents Phillips 66 in $1 Billion 364-day Delayed Draw Term Loan Agreement

HOUSTON – 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. 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 lawyers involved in the transaction included:

Partners: Heather L. Brown and Robin J. Miles
Associate: Emily A. Banse