PEMA Professional Energy Marketers Association
Related Articles
Phillips 66 Partners LP announced Wednesday it is offering $900 million in unsecured senior notes with intentions to use the proceeds to repay indebtedness.
The offering includes $300 million of 2.450% unsecured senior notes due 2024 and $600 million of 3.150% unsecured senior notes due 2029.
The 2024 notes were offered at a price to the public of 99.763% of par and the 2029 notes were offered at a price to the public of 99.781% of par.
The Partnership expects to use the net proceeds from this offering to repay indebtedness outstanding under its $400 million senior unsecured term loan facility, to repay or redeem the $300 million of its outstanding 2.646% senior notes due February 2020, and for general partnership purposes, including funding future acquisitions and organic projects and the repayment of outstanding indebtedness.
