Finance & Investing | Capital Markets
Phillips 66 Subsidiary Launches IPO
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Phillips 66 Partners LP, a limited partnership and subsidiary of Phillips 66, has launched its initial public offering of 15,000,000 common units, representing limited partner interests.
The common units are expected to trade on the New York Stock Exchange under the ticker symbol "PSXP." The underwriters of the offering will have a 30-day option to purchase up to an additional 2,250,000 common units from Phillips 66 Partners to cover over-allotments, if any.
The offering represents a 20.9 percent limited partner interest in Phillips 66 Partners, or a 24.0 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…
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