Phillips 66 Partners (PSXP) Assigned 'BBB' by S&P
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Phillips 66 Partners (PSXP) Prices 5.25M Common Offering at $75.50/Unit
February 18, 2015 6:18 AM ESTPhillips 66 Partners (NYSE: PSXP) has priced its previously announced underwritten public offering of 5,250,000 common units representing limited partner interests in the Partnership at $75.50 per common unit. In connection with the offering, the Partnership has granted the underwriters a 30-day option to purchase up to an additional 787,500 common units. This offering is expected to close on Feb. 23, 2015, subject to customary closing conditions.
The Partnership expects to... More
Phillips 66 Partners (PSXP) Announces $1B Acquisition of Three Pipeline Systems from Phillips 66 (PSX)
February 16, 2015 4:55 PM ESTPhillips 66 Partners LP (NYSE: PSXP) has reached agreement with Phillips 66 (NYSE: PSX) to acquire Phillips 66s interests in three pipeline systems. The acquisition includes one-third equity interests in the limited liability companies that respectively own the Sand Hills and Southern Hills natural gas liquids (NGL) pipeline systems, and a 19.46 percent equity interest in Explorer Pipeline Company, the owner of the Explorer refined products pipeline system. In exchange, Phillips 66 will receive total consideration of $1.01 billion consisting of $880 million in cash and 1,726,914 newly issued PSXP units, to be allocated between... More
