Phillips 66 Partners (PSXP) Prices 6M Units at $50.22 Each
- Wall Street flat as Microsoft rallies
- Unusual 11 Mid-Day Movers 10/21: (ALKS) (CXRX) (CERC) Higher; (SGY) (MBRX) (STS) Lower
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Phillips 66 Partners LP (NYSE: PSXP) announced the pricing of its underwritten public offering of 6,000,000 common units representing limited partner interests in the Partnership at $50.22 per common unit. In connection with the offering, the Partnership has granted the underwriters a 30-day option to purchase up to an additional 900,000 common units. This offering is expected to close on Aug. 12, 2016, subject to customary closing conditions.
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 underwriters’ option to purchase additional common units, for general partnership purposes, including funding of future acquisitions and organic projects and repayment of outstanding indebtedness.
RBC Capital Markets, LLC is acting as the sole book-running manager for the offering. A copy of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained, once available, by sending a request to:
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Carlyle's (CG) LDiscovery to Acquire Kroll Ontrack in $410M Deal
- Phillips 66 Partners (PSXP) Raises Quarterly Dividend 5.1% to $0.531; 4.5% Yield
- Wipro Limited Announces Results for the Quarter Ended September 30, 2016 under IFRS
Create E-mail Alert Related CategoriesEquity 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!