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Phillips 66 Partners closes offering of common units for $655.1M

Phillips 66Partners LP has received about $655.1 million in net proceeds fromthe closing of the partnership's offering of 11,000,000 common units.

The underwriters have exercised in full its 30-day option topurchase up to an additional 1,650,000 common units, according to a Form 8-Kfiled May 10.

Phillips 66 plans to use the proceeds from the offering torepay a portion of the notes assumed to fund the of the Standish Pipeline andof the 75% stake in Sweeny Frac LLC's NGL fractionator and storage facility.