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Phillips 66 Partners LP Raising $300 Million Through IPO

Phillips 66 Partners LP a subsidiary of Phillips 66 filed for an Initial Public Offer with the prospect of raising $300 million.

The offering is expected to occur in the second half of the year and the new company would trade it’s common units on the New York Stock Exchange under the ticker PSXP. The price range and the number of shares have not been determined.

Phillips 66 Partners own, operate, develop, and acquire primarily fee based crude oil, petroleum product and natural gas pipelines and terminals as well as other transportation and midstream assets.

JP Morgan and Morgan Stanley are acting as joint book-running managers for the proposed offering.

Source: MarketWatch