Published on 9/3/2019 in the Prospect News Investment Grade Daily.
New Issue: Phillips 66 Partners prices $900 million of senior notes in two tranches
By Rebecca Melvin
New York, Sept. 3 – Phillips 66 Partners LP priced $900 million of guaranteed senior notes (Baa3/BBB/) in two tranches due 2024 and 2029 on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $300 million of 2.45% five-year notes at 99.763 to yield 2.497% or Treasuries plus 115 basis points.
Phillips 66 also priced $600 million of 3.15% 10-year notes at 99.7871 to yield 3.174%, or a spread of Treasuries plus 170 bps.
Joint bookrunning managers for each series of notes were Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Commerz Markets LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Wells Fargo Securities, LLC, BofA Securities, Inc. and J.P. Morgan Securities.
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 Partners LP
|
| Guarantor: | Phillips 66 Co.
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| Amount: | $900 billion
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| Description: | Senior notes
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| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Commerz Markets LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Wells Fargo Securities, LLC, BofA Securities, Inc. and J.P. Morgan Securities
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 6
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| Ratings: | Moody’s: Baa3
|
| S&P: BBB
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| Distribution: | SEC registered
|
|
|
| 2024 notes
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| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | Dec. 15, 2024
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| Coupon: | 2.45%
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| Price: | 99.763
|
| Yield: | 2.497%
|
| Spread: | Treasuries plus 115 bps
|
| Call feature: | On or after Nov. 15, 2024 at par
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|
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| 2029 notes
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| Amount: | $600 million
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| Description: | Senior notes
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| Maturity: | Dec. 15, 2029
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| Coupon: | 3.15%
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| Price: | 99.781
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| Yield: | 3.1742%
|
| Spread: | Treasuries plus 170 bps
|
|
|
| Call features: | Make-whole call before Sept. 15, 2029 at Treasuries plus 30 bps; thereafter at par
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