Phillips 66 has announced the commencement of offers to exchange (collectively, the ‘Exchange Offers’) any and all validly tendered (and not validly withdrawn) and accepted notes of seven series of notes (collectively, the ‘old notes’) issued by Phillips 66 Partners LP (‘PSXP’) for notes to be issued by Phillips 66 Company (‘P66 Co’), a wholly owned subsidiary of Phillips 66.
The new notes will be fully and unconditionally guaranteed by Phillips 66. The new notes will be unsecured and unsubordinated obligations of P66 Co. and will rank equally with all other unsecured and unsubordinated indebtedness of P66 Co. issued from time to time, and the guarantees will rank equally with all other unsecured and unsubordinated indebtedness of Phillips 66. Through the Exchange Offers, the holders of old notes issued by PSXP are being offered the opportunity to exchange their old notes for new notes with the same interest rates and maturities in light of the recent acquisition of PSXP by Phillips 66.
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