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Phillips 66 Partners raises $890.7M from senior note offering

Phillips 66 Partners LP raised net proceeds of approximately $890.7 million from a senior note offering that closed on Sept. 6, according to a securities filing filed on the same day.

The notes include $300 million of 2.450% senior notes due 2024 and $600 million of 3.150% senior notes due 2029.

Proceeds will be used to repay debt under its $400 million senior unsecured term loan facility, to redeem $300 million of its 2.646% senior notes due February 2020 and for general partnership purposes, including funding future acquisitions and organic projects.

On Sept. 3, the partnership and its general partner Phillips 66 Partners GP LLC signed an underwriting agreement with Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and RBC Capital Markets LLC for the public offering.