Phillips 66 Partners Announces $2.4 Billion Acquisition
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Phillips 66 Partners (PSXP) Announces Private Placement of $750M Series A Perpetual Convertible Preferred Units and $300M Common Units
September 22, 2017 7:49 AM EDTPhillips 66 Partners LP (NYSE: PSXP) (the Partnership) announced that it has entered into an agreement to sell $750 million of newly issued Series A Perpetual Convertible Preferred Units (the "Preferred Units") at a price of $54.27 per preferred unit and 6,304,204 common units at $47.59 per common unit in a private placement. The Preferred Units will pay a distribution of 5.0 percent per year for three years, and thereafter a distribution equal to the greater of 5.0 percent per year and the amount the Preferred Units would have received if converted into common units. The Preferred Units are generally... More
