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Phillips 66 Partners Announces Pricing of 16.425M Share IPO at $23 per Share

Phillips 66 Partners LP, a limited partnership formed earlier this year by Phillips 66 (NYSE: PSX), announced the pricing of its initial public offering of 16,425,000 common units representing limited partner interests at $23.00 per common unit. The common units will begin trading on the New York Stock Exchange today 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, if any. The offering is expected to close on or about July 26, 2013, subject to customary closing conditions.

At the closing of this offering, the public will own a 22.9 percent limited partner interest in Phillips 66 Partners, or a 26.3 percent 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 percent 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. The offering is being made only by means of a prospectus. Potential investors can obtain a written prospectus that meets the requirements of Section 10 of the Securities Act of 1933 from:

J.P. Morgan Attn: Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: 866-803-9204

Morgan Stanley Attn: Prospectus Department 180 Varick Street, 2nd Floor New York, NY 10014 Email: prospectus@morganstanley.com Telephone: 866-718-1649

To obtain a copy of the prospectus free of charge, visit the SEC's website, www.sec.gov, and search under the registrant's name, “Phillips 66 Partners.”

About Phillips 66 Partners

Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals and other transportation and midstream assets. Headquartered in Houston, the partnership's assets include the Clifton Ridge crude oil pipeline, terminal and storage system in Louisiana; the Sweeny to Pasadena refined petroleum product pipeline, terminal and storage system in Texas; and the Hartford Connector refined petroleum product pipeline, terminal and storage system in Illinois.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (SEC). This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believes,” “intends,” “objectives,” “projects,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Phillips 66's or Phillips 66 Partners' operations (including Phillips 66's joint venture operations) are based on management's expectations, estimates and projections about the company, its interests and the energy industry in general on the date this news release was prepared. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by management of Phillips 66 or Phillips 66 Partners. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the registration statement on Form S-1 initially filed by Phillips 66 Partners on March 27, 2013 with the SEC and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include our expectations as of the date hereof. Neither Phillips 66 nor Phillips 66 Partners undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Phillips 66 or Phillips 66 Partners becomes aware of, after the date hereof.

Posted-In: News IPOs

 

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