Bank of China contributes $49 million USD to $1.5 billion USD syndicated delayed draw facility to Phillips 66 Company for general corporate purposes in 2023 (Linked to Record ID#106029)

Project narrative

On March 27, 2023, financial close was reached on a deal in which a syndicate of sixteen banks—including ICBC and Bank of China—entered into a $1.5 billion USD syndicated loan agreement with Phillips 66 Company, a Delaware-based multinational energy company involved in refining, midstream, chemicals, and marketing operations. The loan's maturity is three years, and the interest rate is based on Term SOFR plus an applicable margin based on the Pricing Grid. For the first year, the loan's interest margins range between 0.75% to 1.25%; after the first year, the interest margins increase and range between 0.875% and 1.375%. This loan replaced the previous delayed draw facility (with no Chinese commitment). The proceeds were used by Phillips 66 to support general corporate purposes, bolstering liquidity amid shifting market conditions. While ICBC contributed $73.4 million USD to this loan (Record ID#106029) and Bank of China contributed $49 million USD (Record ID#106030), the following lenders also participated: Mizuho Bank, Ltd. ($148 million USD), Goldman Sachs Bank USA ($148 million USD), MUFG Bank, Ltd. ($148 million USD), Sumitomo Mitsui Banking Corporation ($148 million USD), The Toronto-Dominion Bank, New York Branch ($148 million USD), Truist Bank ($148 million USD), Bank of America, N.A. ($73.4 million USD), Barclays Bank PLC ($73.4 million USD), Royal Bank of Canada ($73.4 million USD), The Bank of Nova Scotia, Houston Branch ($73.4 million USD), Canadian Imperial Bank of Commerce, New York Branch ($49 million USD), Commerzbank AG, New York Branch ($49 million USD), HSBC Bank USA, National Association ($49 million USD), and U.S. Bank National Association ($49 million USD).