Narrative
Full Description
Project narrative
On February 22, 2012, financial close was reached on a deal in which a syndicate of 29 banks — including the Bank of Communications — entered into a $2.8 billion USD syndicated term loan agreement with Phillips 66, a Delaware-based energy manufacturing and logistics company. The maturity of the loan is five years, and the interest rate is LIBOR plus an applicable margin. The proceeds of the Loans will be used for general corporate purposes and provide financial support for the spin-off transaction from ConocoPhillips, its former parent company. While the Bank of Communications contributed to this loan, the following banks also participated: JPMorgan Chase Bank, N.A. (Administrative Agent, Swing Line Lender, and Issuing Bank), The Royal Bank of Scotland PLC, Bank of America, N.A., Citibank, N.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., DNB Bank ASA, Grand Cayman Branch, Royal Bank of Canada, Credit Suisse AG (Cayman Islands), The Bank of Nova Scotia, BNP Paribas, Lloyds TSB Bank PLC, Mizuho Corporate Bank, Ltd., PNC Bank, National Association, Sumitomo Mitsui Banking Corporation, Deutsche Bank AG New York Branch, Barclays Bank PLC, Bayerische Landesbank New York Branch, UniCredit Bank AG New York Branch, Export Development Canada, The Bank of New York Mellon, U.S. Bank National Association, Compass Bank, Comerica Bank, The Northern Trust Company, Chang Hwa Commercial Bank, Ltd., New York Branch, First Commercial Bank New York Branch, National Bank of Kuwait S.A.K., Grand Cayman Branch, and Taiwan Cooperative Bank Los Angeles Branch. On April 12, 2012, Phillips 66 successfully completed the spin-ff from its previous parent company.
Staff comments
1. Phillips 66, headquartered in Houston, Texas, is a diversified energy manufacturing and logistics company involved in refining, midstream operations, and chemicals. Established in 2012 after spinning off from ConocoPhillips, it operates globally, with primary activities in the United States. 2. AidData estimates the interest rate by adding the 6-month average LIBOR rate for February 2012 and an applicable margin based on credit ratings. However, the applicable margin is not disclosed in the original loan contract. Instead, the company's quarterly report lists the all-in interest as 1.69%. 3. The individual contributions of the 29 lenders to this $2.8 billion USD syndicated RCF are unknown. For the time being, AidData has estimated the contribution of China Bank of Communications by assuming that each lender contributed an equal amount. Hence, AidData estimated the contribution of China Bank of Communications is $96,551,724.18 USD. 3. The loan agreement for 2012 can be accessed at https://www.dropbox.com/scl/fi/vk5risx0tzgldct0x6k1e/Phillips-66-Form_-10-12B_A-Received_-03_01_2012-14_10_01.pdf?rlkey=xqkj75i811126x8z8ifpd3veb&st=ya3ojk76&dl=0