Hunton Andrews Kurth Represents Mizuho Bank Ltd. as Administrative Agent on $1.5 Billion Term Loan to Phillips 66 Company

Hunton Andrews Kurth LLP advised Mizuho Bank Ltd., as administrative agent, in a $1.5 billion delayed draw term loan to Phillips 66 Company (“Phillips 66”). The closing was timed to coincide with Phillips 66’s $1.25 billion public notes offering. Funds from the term loans and notes offering will be used to finance Phillips 66’s purchase of DCP Midstream LP. Phillips 66 announced its acquisition of DCP Midstream, LP in January of 2023 and the plan to fund the transaction through a combination of debt and cash. 

Phillips 66 is a diversified energy company that focuses on manufacturing, transportation and marketing related to midstream, chemicals and refining.

The Hunton Andrews Kurth team representing Mizuho Bank Ltd. is led by commercial finance partner Jeff Butler and special counsel Tom Perich with assistance from associates Rachel Morico, Emma Sajdak and Taylor Arndt.