Form 8-K PHILLIPS 66 PARTNERS LP For: Feb 13
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Phillips 66 Partners (PSXP) Prices 5.25M Common Offering at $75.50/Unit
February 18, 2015 6:18 AM ESTPhillips 66 Partners (NYSE: PSXP) has priced its previously announced underwritten public offering of 5,250,000 common units representing limited partner interests in the Partnership at $75.50 per common unit. In connection with the offering, the Partnership has granted the underwriters a 30-day option to purchase up to an additional 787,500 common units. This offering is expected to close on Feb. 23, 2015, subject to customary closing conditions.
The Partnership expects to... More
Phillips 66 Partners (PSXP) Assigned 'BBB' by S&P
February 17, 2015 10:24 AM ESTStandard & Poor's Ratings Services said today that it had assigned its 'BBB' long-term corporate credit rating to Houston-based Phillips 66 Partners (NYSE: PSXP). The outlook is stable.
PSXP's "fair" business risk profile reflects the stable cash flows coming from long-term fee-based contracts with its general partner Phillips 66, which accounts for most of the partnership's cash flow. This strength is partly offset by PSXP's small size and limited asset and geographic diversity. The partnership's "significant" financial risk profile reflects our expectations for total debt to EBITDA of 3.5x to 4x, an aggressive growth strategy, and the... More
