Moody's Assigns 'Baa3' Rating to Phillips 66 Partners (PSXP); Outlook Stable
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Phillips 66 Partners (PSXP) Announces $1.3B Acquisition of Phillips 66 (PSX) NGL Logistics Assets
October 11, 2016 8:30 AM EDTPhillips 66 Partners LP (NYSE: PSXP) has reached agreement with Phillips 66 (NYSE: PSX) to acquire 30 crude, refined products and natural gas liquids (NGL) logistics assets for total consideration of $1.3 billion. The Partnership plans to fund the acquisition with a combination of debt and $196 million in new PSXP units issued to Phillips 66, to be allocated proportionally between common units and general partner units allowing the general partner to maintain its 2 percent general partner interest. The transaction is anticipated to close this month, subject to satisfaction of customary closing conditions, and is... More
