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Phillips 66 Partners to acquire $700M in assets from Phillips 66

Feb. 13, 2014 12:12 PM ETPhillips 66 (PSX) StockBy: Carl Surran, SA News Editor5 Comments
  • Phillips 66 Partners (PSXP +1.8%) announces its first post-IPO acquisition, to include Phillips 66's (NYSE:PSX +1.9%) 681-mile Gold Line pipeline system and two newly constructed refinery-grade propylene storage units for $700M.
  • PSXP will finance the deal with $400M in cash on hand, the issuance of $140M in additional units and a $160M note payable to a PSX subsidiary.
  • PSXP expects the dropdown from PSX to be immediately accretive to its earnings and distributable cash flow.

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