Phillips 66 Partners plans to price two-tranche sale of senior notes

By Devika Patel

Knoxville, Tenn., Oct. 11 – Phillips 66 Partners LP is planning to sell senior notes in two parts, according to a 424B2 filed with the Securities and Exchange Commission.

The notes have a make-whole call and then are callable at par.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Mizuho Securities USA Inc. are the bookrunners.

The company intends to use net proceeds from the offering to fund an acquisition of pipeline and terminal assets supporting four Phillips 66 refineries and for general partnership purposes, including future acquisitions and organic projects and the repayment of debt.

The Houston-based master limited partnership owns, operates, develops and acquires crude oil and refined petroleum product and natural gas liquids pipelines, terminals and other transportation and midstream assets.

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