New Issue: Phillips 66 Partners prices $600 million of floating-rate notes in two tranches

By Cristal Cody

Tupelo, Miss., April 11 – Phillips 66 Partners LP sold $600 million of floating-rate notes (A3/BBB) in two parts on Tuesday, according to a market source.

The company priced $300 million of two-year floating-rate notes at par to yield Libor plus 65 basis points.

Phillips 66 sold $300 million of three-year floaters at par to yield Libor plus 75 bps.

The bookrunners were BNP Paribas Securities Corp., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC.

The oil, petroleum and natural gas company is based in Houston.

Issuer:	Phillips 66 Partners LP
Amount:	$600 million
Description:	Floating-rate notes
Bookrunners:	BNP Paribas Securities Corp., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC
Trade date:	April 11
Settlement date:	April 21
Ratings:	Moody’s: A3
	S&P: BBB
Two-year floaters
Amount:	$300 million
Maturity:	April 15, 2019
Coupon:	Libor plus 65 bps
Price:	Par
Yield:	Libor plus 65 bps
Call feature:	April 18, 2018 at par
Three-year floaters
Amount:	$300 million
Maturity:	April 15, 2020
Coupon:	Libor plus 75 bps
Price:	Par
Yield:	Libor plus 75 bps
Call feature:	April 18, 2018 at par

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