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Phillips 66 Partners upsizes, prices common unit offering for Phillips 66 asset buy

has upsized itscommon unit offeringfor its transaction withPhillips 66 Co. to 11,000,000common units, priced at $52.40 per unit.

Underwriterswere given a 30-day option to buy up to an additional 1,650,000 common units, theproceeds of which would be used for general partnership purposes.

The partnershipplans to use the net proceeds from the offering to repay part of its notes payableto Phillips 66 as part of its consideration for the planned acquisition of the Standishpipeline and the remaining 75% ownership interest in Sweeny Frac LLC.

The offeringis not conditioned on the transaction's closing, according to the May 4 news release.If the acquisition does not push through, Phillips 66 Partners would use the proceedsfor general partnership purposes.