Phillips 66 Partners (PSXP) to Offer 6M Common Units
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Phillips 66 Partners LP (NYSE: PSXP) (the “Partnership”) today announced the commencement of an underwritten public offering of 6,000,000 common units representing limited partner interests in the Partnership. In connection with the offering, the Partnership will grant the underwriter a 30-day option to purchase up to an additional 900,000 common units.
The Partnership expects to use a portion of the net proceeds from the offering to fund its announced acquisition of additional equity interests in Explorer Pipeline and its contribution to the recently formed STACK Pipeline joint venture with Plains All American Pipeline, L.P. The Partnership expects to use the remaining proceeds, including net proceeds from any exercise of the underwriter’s option to purchase additional common units, for general partnership purposes, including funding of future acquisitions and organic projects and repayment of outstanding indebtedness.
RBC is acting as the sole book-running manager for the offering. A copy of the preliminary prospectus supplement and accompanying base prospectus relating to the offering may be obtained, once available, by sending a request to:
RBC Capital Markets, LLC200 Vesey Street, 8th FloorNew York, NY 10281-8098Attention: Equity SyndicatePhone: 877-822-4089Email: email@example.com
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Buckeye Partners (BPL) Sells More Units
- St. Jude Medical (STJ) Shareholders Approve Abbott (ABT) Merger
- Vanguard Natural Resources (VNR) Makes Interest Payment on Senior Notes; Enters Limited Waiver w/ First Lien Lenders
Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
Related EntitiesRBC Capital, Crude Oil, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!