First Reserve Corporation Invests in Phillips 66 Partners
10.10.17
This is only gets display when printing
Simpson Thacher is representing First Reserve Corporation in connection with its investment in preferred and common units of Phillips 66 Partners LP (NYSE: PSXP) as a part of PSXP’s private placement of an aggregate of 13,819,791 preferred units for a cash purchase price of $54.27 per preferred unit and an aggregate of 6,304,204 common units for a cash purchase price of $47.59 per common unit, resulting in net proceeds to PSXP of approximately $1.03 billion after expenses and fees. A portion of the proceeds of the private placement were used by PSXP to fund its acquisition of an indirect 25% interest in each of Dakota Access, LLC and Energy Transfer Crude Oil Company, LLC and a direct 100% interest in Merey Sweeny, L.P.
The Simpson Thacher team for the transaction includes Bill Curbow, Lauren Colasacco, Davy Huang and Chris Scavone (M&A); Jonathan Lindabury (Financing); Drew Purcell (Tax); and Mike Isby (Environmental).