Andeavor Logistics Completes $2.35 Billion of SEC-Registered Securities Transactions

December 1, 2017

On November 28 and December 1, S&C client Andeavor Logistics LP completed $2.35 billion of SEC-registered securities transactions.
On November 28, Andeavor Logistics completed its inaugural investment grade public offering of $500,000,000 3.500% senior notes due 2022, $750,000,000 4.250% senior notes due 2027 and $500,000,000 5.200% senior notes due 2047. The company used the net proceeds from the offering to repay existing indebtedness and for general partnership purposes.
On December 1, Andeavor Logistics completed its inaugural public offering of preferred stock in the form of $600,000,000 6.875% Series A fixed-to-floating rate cumulative redeemable perpetual preferred units. The company used the net proceeds from the offering to repay existing indebtedness.
Andeavor Logistics is a fee-based, growth-oriented Delaware limited partnership formed by Andeavor. Andeavor Logistics is a full-service logistics company operating in the western and mid-continent regions of the United States. Andeavor Logistics owns and operates networks of crude oil, refined products and natural gas pipelines, terminals with dedicated and non-dedicated storage capacity for crude oil and refined products, rail facilities with loading and off-loading capabilities, marine terminals, a trucking fleet, and natural gas processing and fractionation complexes.
The S&C financing team was led by Frank Aquila, Ari Blaut, Catherine Clarkin, Bobby Yeh, So Yeon Kim, Julie Krosnicki, Lindsey Chandler and Emma Guido. Ronald Creamer advised on tax matters; Tracey Russell advised on FINRA matters; and John Evangelakos and Nicole Friedlander advised on cybersecurity matters.