Phillips 66 Partners LP announces asset acquisition from Phillips 66

Thursday, 13 Feb 2014 11:41am EST 

Phillips 66 Partners LP:Says its first post-IPO acquisition will include Phillips 66's Gold Product Pipeline System, also known as the "Gold Line System," and the Medford Spheres, two newly constructed refinery-grade propylene storage spheres, for a total consideration of $700 mln.The assets to be acquired include The Gold Line System, consisting of a 681-mile refined products pipeline system that runs from the Phillips 66 operated refinery in Borger, Texas, to Cahokia, Ill.The Medford Spheres, located in Medford, Okla., with a total working capacity of 70,000 barrels and scheduled to commence operation Mar 1.The partnership will finance the $700 mln acquisition with cash on hand of $400 mln, the issuance of additional units valued at $140 mln and a 5-year, $160 mln note payable to a subsidiary of Phillips 66. 

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