Phillips 66 Announces Redemption of Floating Rate Senior Notes Due 2024
November 10 2021 - 8:00AM
Business Wire
Actions align with company’s focus on debt
reduction
Phillips 66 (NYSE: PSX) today announced it will redeem the
entire outstanding principal amount of its Floating Rate Senior
Notes due 2024 (the “Notes”). The redemption date for the Notes is
December 15, 2021. The aggregate principal amount of the Notes
outstanding is $450 million. The redemption price for the Notes
will be equal to 100% of the principal amount of the Notes
outstanding, plus accrued and unpaid interest thereon to, but not
including, the redemption date. Phillips 66 plans to use cash on
hand to fund the redemption.
A notice of redemption is being sent to all currently registered
holders of the Notes by the Trustee, U.S. Bank National
Association.
“Today’s announcement reaffirms our commitment to repaying debt
as our cash flow recovers. When the redemption of the Notes is
completed, we will have paid down an aggregate of $1.5 billion of
debt in 2021,” said Kevin Mitchell, Executive Vice President,
Finance and Chief Financial Officer. “We will continue to evaluate
paying down additional debt to return to pre-pandemic debt levels
as part of our disciplined capital allocation.”
This news release is not an offer to sell or a solicitation of
an offer to buy any securities.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics
company. With a portfolio of Midstream, Chemicals, Refining, and
Marketing and Specialties businesses, the company processes,
transports, stores and markets fuels and products globally.
Headquartered in Houston, the company has 14,100 employees
committed to safety and operating excellence. Phillips 66 had $56
billion of assets as of Sept. 30, 2021. For more information, visit
www.phillips66.com or follow us on Twitter @Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors
created thereby. Forward- looking statements may be identified by
the use of words like “plans,” “expects,” “will,” “anticipates,”
“believes,” “intends,” “projects,” “targets,” “estimates” or other
words of similar meaning. Forward-looking statements are based on
certain assumptions and expectations of future events which may not
be accurate or realized, and involve risks and uncertainties, many
of which are beyond Phillips 66’s control, including but not
limited to Phillips 66’s plans to reduce debt, the expected timing
and terms of redemption of the Notes and the source of funding for
the redemption. It is important to note that actual results could
differ materially from those projected in such forward-looking
statements based on numerous factors, including those outside of
the company’s control, such as circumstances and events that could
impact liquidity and other factors. A discussion of factors that
may affect future results is included in Phillips 66’s filings with
the Securities and Exchange Commission. Phillips 66 disclaims and
does not undertake any obligation to update or revise any
forward-looking statement, except as required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211110005376/en/
Jeff Dietert, 832-765-2297 (investors) jeff.dietert@p66.com
Shannon Holy, 832-765-2297 (investors) shannon.m.holy@p66.com
Thaddeus Herrick, 855-841-2368 (media)
thaddeus.f.herrick@p66.com
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