Phillips 66 Partners LP (NYSE: PSXP) priced a public offering of about 5.2 million common units representing limited partner interests, the company said Feb. 17.
The units were priced at $75.50 each.
Underwriters were granted a monthlong option to purchase 787,500 additional units.
Net proceeds will fund part of the purchase price for the acquisition of equity interests in the Sand Hills and Southern Hills NGL pipeline systems and the Explorer refined products pipeline system. The remaining proceeds will support general partnership purposes, including debt repayment and capex.
Houston-based Phillips 66 Partners said the offer is scheduled to close Feb. 23.
Barclays, J.P. Morgan, BofA Merrill Lynch, Citigroup (NYSE: C), Goldman Sachs & Co. (NYSE: GS), Morgan Stanley (NYSE: MS), RBC Capital Markets and Wells Fargo Securities LLC are joint book-running managers.
BNP Paribas, Deutsche Bank Securities Inc., Mizuho Securities, PNC Capital Markets LLC and Scotiabank/Howard Weill are co-managers.
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