HOUSTON – Bracewell LLP recently advised Phillips 66 and Phillips 66 Partners LP (PSXP) as the borrowers in connection with the amendment and restatement of their revolving credit facilities totaling $5.75 billion.
Each of Phillips 66’s $5 billion unsecured revolving credit facility, with JPMorgan Chase as administrative agent, and PSXP’s $750 million unsecured revolving credit facility, with JPMorgan Chase as administrative agent, were extended three years for new commitment termination dates of July 30, 2024, as well as making certain other amendments.
Phillips 66 is a diversified energy manufacturing and logistics company with unique businesses in refining, midstream, chemicals and marketing and specialties.
Phillips 66 Partners LP is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets.
Bracewell lawyers involved in the transactions included:
Partners: Heather L. Brown and Robin J. Miles
Associate: Kenni E. Callahan