By Devika Patel
Knoxville, Tenn., April 8 – Phillips 66 offered further details about a $1 billion sale of guaranteed senior notes (A3/BBB+) that priced in two tranches on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $500 million of 3.7% three-year notes at a spread of Treasuries plus 337.5 basis points. These notes priced at 99.885 to yield 3.741%.
Phillips 66 priced $500 million of 3.85% five-year notes at a spread of Treasuries plus 337.5 bps. These notes priced at 99.946 to yield 3.862%.
Initial talk on both tranches was in the Treasuries plus 450 bps area.
BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC, BNP Paribas Securities Corp., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., Commerzbank Capital Markets Corp., MUFG, Goldman Sachs & Co. LLC and RBC Capital Markets, 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
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC, BNP Paribas Securities Corp., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., Commerzbank Capital Markets Corp., MUFG, Goldman Sachs & Co. LLC and RBC Capital Markets, LLC
|
| Co-managers: | Bank of China Ltd. and U.S. Bancorp Investments, Inc.
|
| Trade date: | April 7
|
| Settlement date: | April 9
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | April 6, 2023
|
| Coupon: | 3.7%
|
| Price: | 99.885
|
| Yield: | 3.741%
|
| Spread: | Treasuries plus 337.5 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps
|
| Price guidance: | Treasuries plus 450 bps area
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | April 9, 2025
|
| Coupon: | 3.85%
|
| Price: | 99.946
|
| Yield: | 3.862%
|
| Spread: | Treasuries plus 337.5 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until March 9, 2025, then a par call
|
| Price guidance: | Treasuries plus 450 bps area
|
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