Phillips 66 Partners announces senior notes offering
Phillips 66 Partners LP announced that it has commenced an underwritten public offering of two series of unsecured senior notes pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC. The actual terms of each series of unsecured senior notes, including principal amount, interest rate and maturity, will depend on market and other conditions. 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 and (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. J.P. Morgan Securities LLC, Credit Suisse Securities, Goldman, Sachs & Co. and Mizuho Securities USA Inc. are acting as the joint book-running managers for this offering.