By Cristal Cody
Tupelo, Miss., Nov. 16 – Phillips 66 priced $1.75 billion of guaranteed senior notes (A3/BBB+) in three tranches on Monday, according to a market source.
A $450 million tranche of floating-rate notes due Feb. 15, 2024 priced at Libor plus 62 basis points.
Phillips 66 sold $800 million of 0.9% notes due Feb. 15, 2024 at a spread of Treasuries plus 70 bps.
The notes were talked to price at the 100 bps spread area.
Phillips 66 sold $500 million of 1.3% notes due Feb. 15, 2026 at a spread of Treasuries plus 90 bps.
The notes were talked to price at the Treasuries plus 125 bps area.
RBC Capital Markets, LLC, Barclays, Citigroup Global Markets Inc., Commerzbank Capital Markets Corp. and Mizuho Securities USA Inc. were the bookrunners.
The notes are guaranteed by Phillips 66 Co.
Proceeds will be used to repay borrowings under the company’s 364-day term loan facility that matures in March 2021.
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: | $1.75 billion
|
| Description: | Senior notes
|
| Bookrunners: | RBC Capital Markets, LLC, Barclays, Citigroup Global Markets Inc., Commerzbank Capital Markets Corp. and Mizuho Securities USA Inc.
|
| Trade date: | Nov. 16
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
|
|
| Floaters due 2024
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| Amount: | $450 million
|
| Maturity: | Feb. 15, 2024
|
| Coupon: | Libor plus 62 bps
|
|
|
| Notes due 2024
|
| Amount: | $800 million
|
| Maturity: | Feb. 15, 2024
|
| Coupon: | 0.9%
|
| Spread: | Treasuries plus 70 bps
|
| Price guidance: | Treasuries plus 100 bps area
|
|
|
| Notes due 2026
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| Amount: | $500 million
|
| Maturity: | Feb. 15, 2026
|
| Coupon: | 1.3%
|
| Spread: | Treasuries plus 90 bps
|
| Price guidance: | Treasuries plus 125 bps area
|
|
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