Phillips 66 Partners Prices IPO Of 16.43 Mln Common Units At $23/Unit

(RTTNews) - Phillips 66 Partners LP, a limited partnership formed earlier this year by Phillips 66 (PSX), said it is pricing its initial public offering of about 16.43 million 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 company has granted the underwriters a 30-day option to purchase up to an additional 2.46 million common units 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 the company, 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.