Phillips 66 Secures New $2.25 Billion Term Loan
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Phillips 66 ( (PSX) ) just unveiled an update.
On March 18, 2026, Phillips 66 Company entered into a 364-day $2.25 billion term loan credit agreement with a bank syndicate led by Mizuho Bank, Ltd., fully drawing the facility on the closing date. The loan, guaranteed by Phillips 66, includes customary covenants such as a maximum consolidated net debt-to-capitalization ratio of 65%, standard events of default, and flexible prepayment terms, and it bears interest at either Term SOFR plus 1.100% or a reference rate plus 0.100%.
Separately, on March 13, 2026, the company amended its accounts receivable securitization program, increasing the maximum facility size under its Receivables Purchase and Financing Agreement from $1.25 billion to $1.75 billion and allowing future expansion up to $2.0 billion. Together, the term loan and enlarged receivables facility significantly bolster Phillips 66’s short-term liquidity and financial flexibility, underscoring its active use of bank and capital markets relationships to support ongoing operational and working capital requirements.
The most recent analyst rating on (PSX) stock is a Hold with a $170.00 price target. To see the full list of analyst forecasts on Phillips 66 stock, see the PSX Stock Forecast page.
Spark’s Take on PSX Stock
According to Spark, TipRanks’ AI Analyst, PSX is a Outperform.
The score is driven primarily by solid but cyclical financial performance (positive cash generation with margin volatility), complemented by strong technical momentum (uptrend intact but overbought). Valuation is supportive with a modest P/E and healthy yield, while the latest earnings call adds confidence via midstream growth and cost targets despite near-term segment headwinds and transition costs.
To see Spark’s full report on PSX stock, click here.
More about Phillips 66
Phillips 66, through its wholly owned subsidiary Phillips 66 Company, operates in the energy sector with a focus on refining, midstream, chemicals, and marketing and specialties businesses. The company relies on diversified bank financing and securitization facilities to support its capital needs and manage working capital tied to accounts receivable across its large-scale operations.
Average Trading Volume: 2,743,049
Technical Sentiment Signal: Buy
Current Market Cap: $69.21B
See more data about PSX stock on TipRanks’ Stock Analysis page.
