Phillips 66 Partners LP struck an equity distribution agreement with a group of banks to sell $250 million of its common units from time to time in an at-the-market offering.
Under the agreement, the banks would sell the common units as Phillips 66 Partners' sales agents through ordinary brokers' transactions on the New York Stock Exchange at market prices, in block transactions, or any other method defined as an at-the-market offering, according to a Feb. 26 SEC filing.
The banks would be paid a commission at a rate that would not exceed 2% of the gross sales price per common unit. The partnership would also shoulder expenses incurred by the banks related to the offering.
The banks are RBC Capital Markets LLC, Barclays Capital Inc., BNP Paribas Securities Corp., BTIG LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Jefferies LLC, Merrill Lynch Pierce Fenner & Smith Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC, Wells Fargo Securities LLC and The Williams Capital Group LP.
