Provider: Zacks Investment Research Inc.
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Phillips 66 Partners LP Launches Initial Public Offering
Phillips 66 Partners LP announced that it has launched its initial public offering of 15,000,000 common units, representing limited partner interests. The common units are expected to trade on the New York Stock Exchange under the ticker symbol “PSXP.” The underwriters of the offering will have a 30-day option to purchase up to an additional 2,250,000 common units from Phillips 66 Partners to cover over-allotments, if any. The offering represents a 20.9% limited partner interest in Phillips 66 Partners, or a 24.0% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Phillips 66, through certain of its subsidiaries, will own the remaining, majority limited partner interest in Phillips 66 Partners, as well as its 2% general partner interest. J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank Securities, Citigroup and RBC Capital Markets are acting as book-running managers for the offering. RBS, DNB Markets, Mitsubishi UFJ Securities, Mizuho Securities and PNC Capital Markets LLC are acting as co-managers.
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