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Phillips 66 Partners LP, a limited partnership formed earlier this year by Phillips 66, announced the pricing of its initial public offering of 16,425,000 common units representing limited partner interests at $23.00 per common unit.
The common units will begin trading on the New York Stock Exchange today under the ticker symbol "PSXP."
The underwriters of the offering have a 30-day option to purchase up to an additional 2,463,750 common units from Phillips 66 Partners to cover over-allotments, if any. The offering is expected to close on or about July 26, 2013, subject to customary closing conditions.
At the closing of this offering, the public will own a 22.9 percent limited partner interest in Phillips 66 Partners, or a 26.3 percent limited partner interest if the underwriters exercise in full their option to purchase additional common units. Phillips 66, through certain of its subsidiaries, will own the remaining, majority limited partner interest in Phillips 66 Partners, as well as its 2 percent general partner interest.
J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank Securities, Citigroup and RBC Capital Markets are acting as book-running managers for the offering. RBS, DNB Markets, Mitsubishi UFJ Securities, Mizuho Securities and PNC Capital Markets LLC are acting as co-managers.