Provider: Zacks Investment Research Inc.
Phillips 66 Announces Pricing of Initial Public Offering of Phillips 66 Partners LP
Phillips 66 announced the pricing of its initial public offering of 16,425,000 common units of Phillips 66 Partners LP representing limited partner interests at $23.00 per common unit. The common units will begin trading on the New York Stock Exchange on July 23, 2013 under the ticker symbol PSXP. The underwriters of the offering have a 30-day option to purchase up to an additional 2,463,750 common units from Phillips 66 Partners to cover over-allotments. The offering is expected to close on or about July 26, 2013. At the closing of this offering, the public will own a 22.9% limited partner interest in Phillips 66 Partners, or a 26.3% limited partner interest if the underwriters exercise in full their option to purchase additional common units. 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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