Phillips 66 Partners LP (NYSE: PSXP) (the “Partnership”) today announced
that it has commenced an underwritten public offering of three series of
unsecured senior notes pursuant to an effective shelf registration
statement on Form S-3 previously filed with the Securities and Exchange
Commission (“SEC”). The actual terms of each series of unsecured senior
notes, including principal amount, interest rate and maturity, will
depend on market and other conditions.
The Partnership expects to use the net proceeds from this offering (i)
to pay a portion of the cash consideration payable by the Partnership in
its previously announced acquisition of Phillips 66’s equity interests
in the Sand Hills and Southern Hills natural gas liquids pipeline
systems and the Explorer refined products pipeline system (the “Pipeline
Transaction”) and (ii) for general partnership purposes, including
repayment of certain sponsor loans and other outstanding indebtedness
and to fund capital expenditures. The closing of this offering is not
conditioned on the closing of the Pipeline Transaction.
RBS, Barclays, Goldman, Sachs & Co. and RBC Capital Markets are acting
as the joint book-running managers for this offering. A copy of the
preliminary prospectus supplement and accompanying base prospectus
relating to this offering may be obtained, when available, by sending a
RBS Securities Inc.
600 Washington Blvd.
Stamford, CT 06901
Telephone: (866) 884-2071
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Goldman, Sachs & Co.
Attn: Prospectus Department
200 West Street
New York, NY 10282
Telephone: (866) 471-2526
RBC Capital Markets, LLC
Three World Financial Center
200 Vesey Street, 8th Floor
New York, NY 10281
Telephone: (866) 375-6829
These documents may also be obtained free of charge when they are
available from the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of the securities described herein,
nor shall there be any sale of these securities, in any state in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state or
jurisdiction. The offering will be made only by means of a prospectus
and related prospectus supplement meeting the requirements of Section 10
of the Securities Act of 1933, as amended.
About Phillips 66 Partners
Headquartered in Houston, Texas, Phillips 66 Partners is a
growth-oriented master limited partnership formed by Phillips 66 to own,
operate, develop and acquire primarily fee-based crude oil, refined
petroleum product and natural gas liquids pipelines and terminals and
other transportation and midstream assets. For more information, visit www.phillips66partners.com.
This press release contains forward-looking statements as defined
under the federal securities laws, including projections, plans and
objectives. Although Phillips 66 Partners believes that expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to be correct.
In addition, these statements are subject to certain risks,
uncertainties and other assumptions that are difficult to predict and
may be beyond Phillips 66 Partners’ control. If one or more of these
risks or uncertainties materialize, or if underlying assumptions prove
incorrect, actual results may vary materially from what Phillips 66
Partners anticipated, estimated, projected or expected. The key risk
factors that may have a direct bearing on the forward-looking statements
are described in the filings that Phillips 66 Partners makes with the
Securities and Exchange Commission. In light of these risks,
uncertainties and assumptions, the events described in the
forward-looking statements might not occur or might occur to a different
extent or at a different time than as described. All forward-looking
statements in this release are made as of the date hereof and Phillips
66 Partners undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Source: Phillips 66 Partners LP