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Phillips 66 Partners closes $650M senior notes offering

Phillips 66 Partners LP on Oct. 13 closed its offering of $650 million of unsecured senior notes consisting of $500 million of 3.750% senior notes due 2028 and $150 million of 4.680% senior notes due 2045, according to a Form 8-K filed Oct. 13.

The net proceeds from the underwritten public offering amounted to about $643.2 million and will be used to pay down debt related to its acquisition of an indirect 25% stake in the Bakken Pipeline and 100% stake in Merey Sweeny LP from its parent company Phillips 66, and for general partnership purposes, such as for future acquisitions.

Citigroup Global Markets Inc., MUFG Securities Americas Inc., Scotia Capital USA Inc. and TD Securities USA LLC acted as joint book-running managers while BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. and Mizuho Securities USA Inc. acted as passive book-runners for the offering.