Phillips 66 Partners plans to price two tranches of senior notes

By Devika Patel

Knoxville, Tenn., Sept. 3 – Phillips 66 Partners LP is planning to sell fixed-rate 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.

Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and RBC Capital Markets LLC are the bookrunners.

The company intends to use net proceeds from this offering to repay $400 million of debt under the company’s credit agreement, to repay or redeem the $300 million of its 2.646% senior notes due February 2020 and for general partnership purposes.

The Houston-based master limited partnership owns, operates, develops and acquires crude oil and refined petroleum product.

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