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Phillips 66 Partners Heads to Debt Market for $1.25 Billion to Fund Acquisition
Phillips 66 Partners LP has priced $500 million aggregate principal amount of 3.55 percent unsecured senior notes due 2026 and $625 million aggregate principal amount of 4.90 percent unsecured senior notes due 2046 in an underwritten public offering
The 2026 notes were offered at a price to the public of 99.901 percent of par and the 2046 notes were offered at a price to the public of 99.303 percent of par.
The Partnership expects to use the net proceeds from this offering:
(i) to pay the cash consideration payable by the Partnership for its previously announced acquisition of 30 crude, products, and NGL logistics assets from Phillips 66
(ii) for general partnership purposes, including repayment of outstanding indebtedness and to fund capital expenditures. The closing of this offering is not conditioned on the closing of the announced acquisition.
The closing of the senior notes offering is expected to occur on October 14, 2016, subject to satisfaction of customary closing conditions.
/Book Runner
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