By Cristal Cody
Tupelo, Miss., April 7 – Phillips 66 priced $1 billion of guaranteed senior notes (Baa3/BBB) in two tranches on Tuesday, according to a market source.
The company sold $500 million of 3.7% three-year notes at a spread of Treasuries plus 337.5 basis points.
Phillips 66 priced $500 million of 3.85% five-year notes at a spread of Treasuries plus 337.5 bps.
Initial talk on both tranches was in the Treasuries plus 450 bps area.
BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc. and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The notes are guaranteed by Phillips 66 Co.
Phillips 66 is a Houston-based energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses.
Issuer: | Phillips 66
|
Guarantor: | Phillips 66 Co.
|
Amount: | $1 billion
|
Description: | Senior notes
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Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc. and TD Securities (USA) LLC
|
Trade date: | April 7
|
Ratings: | Moody’s: Baa3
|
| S&P: BBB
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Distribution: | SEC registered
|
|
Three-year notes
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Amount: | $500 million
|
Maturity: | April 6, 2023
|
Coupon: | 3.7%
|
Spread: | Treasuries plus 337.5 bps
|
Price guidance: | Treasuries plus 450 bps area
|
|
Five-year notes
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Amount: | $500 million
|
Maturity: | April 9, 2025
|
Coupon: | 3.85%
|
Spread: | Treasuries plus 337.5 bps
|
Price guidance: | Treasuries plus 450 bps area
|
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