Phillips 66
Phillips 66 Enters into a $500 Million Securitization Facility
Summary
On September 30, 2024, Phillips 66 Company entered into a 364-day, $500 million accounts receivable securitization facility. This facility allows Phillips 66 to sell or contribute its receivables to a special purpose entity, which can then borrow or sell these receivables to lenders. The facility includes provisions for interest accrual, fees, conditions, and events of default. As of the date of the agreement, no loans or investments were outstanding. The facility is initially for 364 days and can be extended. Certain lenders also provide additional services to Phillips 66, for which they receive compensation.
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About Phillips 66
Phillips 66 is a renowned American multinational energy company involved in refining, transporting, and marketing petroleum products. Engaging primarily as a downstream sector entity, Phillips 66 operates an extensive network of refineries, pipelines, and retail stations across the globe. The company's main function is to refine crude oil into marketable fuels such as gasoline, diesel, and jet fuel, as well as petrochemical products that serve as building blocks for various industrial applications. Additionally, Phillips 66 is known for its logistics and midstream operations, which include pipelines and trucking services that facilitate efficient energy distribution. The company plays a critical role in the energy sector, impacting industries ranging from transportation to manufacturing. By maintaining a strategic focus on safety, environmental stewardship, and operational excellence, Phillips 66 contributes significantly to the global energy supply chain. Established in 1875 and headquartered in Houston, Texas, Phillips 66 continues to provide essential energy solutions while adapting to evolving market dynamics and sustainability demands.
Official SEC Documents
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