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Phillips 66 Partners prices $900M offering of senior notes

Phillips 66 Partners LP commenced and priced an offering of $300 million of its 2.450% unsecured senior notes due 2024 and $600 million of its 3.150% unsecured senior notes due 2029.

The energy midstream partnership priced the 2024 notes at 99.763% of par and the 2029 notes at 99.781% of par, according to a Sept. 3 release.

The proceeds would be used to repay the partnership's outstanding debt under its $400 million senior unsecured term loan facility, to repay or redeem $300 million of its outstanding 2.646% senior notes due February 2020 and for general partnership purposes. This includes funding future acquisitions and organic projects as well as debt repayment, according to the release.

The offering is expected to close Sept. 6, subject to customary closing conditions.

Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and RBC Capital Markets LLC acted as the joint book-running managers for the offering.