Bank of China contributes $100 million USD to $2 billion USD syndicated master loan facility to Phillips 66 for general corporate purposes in 2020

Project narrative

On March 19, 2020, financial close was reached on a deal in which Mizuho Bank Ltd. entered into a $1 billion USD syndicated loan agreement with Phillips 66, a Delaware-based energy manufacturing and logistics company. The maturity of the delayed draw down loan is 364-days years, and the interest rate is LIBOR plus an applicable margin. This facility initially only featured Mizuho Bank but allowed the parties to attract more banks to participate in this loan. The use of proceeds is for general corporate purposes. On April 6, 2020, the borrower and a syndicate of banks entered into a Master New Lender Agreement in which the aggregate commitment was increased to $2 billion USD. While Bank of China contributed $100 million USD to the loan, the following lenders also contributed: Mizuho Bank ($195 million USD) Bank of America, N.A. ($195 million USD), The Bank of Nova Scotia, Houston Branch ($195 million USD), BNP Paribas ($195 million USD), Citibank, N.A. ($195 million USD), The Toronto-Dominion Bank, New York Branch ($195 million USD), Truist Bank ($195 million USD), Commerzbank AG, New York Branch ($150 million USD), MUFG Union Bank, N.A. ($135 million USD), Bank of China, New York Branch ($100 million USD), Goldman Sachs Bank USA ($100 million USD), Royal Bank of Canada ($100 million USD), and U.S. Bank National Association ($50 million USD). The maturity was changed to September 19, 2020. On November 20, 2020, the borrower and a syndicate of banks entered into an agreement in which certain banks were replaced and new banks were added. No Chinese bank was involved.