By Cristal Cody
Chicago, Nov. 10 – Phillips 66 sold $1 billion of 3.3% senior notes due March 15, 2052 (A3/BBB+) on Wednesday, according to a market source and a 424B3 filing with the Securities and Exchange Commission on Wednesday morning.
Pricing on the notes was with a spread of Treasuries plus 143 basis points, 22 bps low to the 165 bps area initial talk.
The notes will be guaranteed by Phillips 66 Co.
If the company decides to redeem the notes early, there will be a make-whole premium until a number of months before the maturity date when the company can optionally redeem the notes early at par.
TD Securities (USA) LLC, BNP Paribas Securities Corp., J.P. Morgan Securities LLC, MUFG, Scotia Capital (USA) Inc., and SMBC Nikko Securities America, Inc. are the bookrunners.
Proceeds will be used to redeem the $1 billion of 4.3% senior notes due 2022.
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.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Maturity: | March 15, 2052
|
| Bookrunners: | TD Securities (USA) LLC, BNP Paribas Securities Corp., J.P. Morgan Securities LLC, MUFG, Scotia Capital (USA) Inc., and SMBC Nikko Securities America, Inc.
|
| Trustee: | U.S. Bank NA
|
| Counsel to issuer: | Bracewell LLP
|
| Coupon: | 3.3%
|
| Spread: | Treasuries plus 143 bps
|
| Call features: | Make-whole call until a number of months before maturity date; then par call
|
| Trade date: | Nov. 10
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Price talk: | Treasuries plus 165 bps area
|
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