Success Stories

Phillips Petroleum

Anchorage
Cresa Capital Markets
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Client Objectives

Year-end deadline to sell and leaseback Alaska headquarters and use proceeds to pay down debt.  30 days to structure and close transaction.  Due to tax constraints following the ARCO acquisition, Phillips needed to avoid any taxable gain or loss on sale.

Results

Closed and funded within thirty days.  Paid down debt and maintained A rating.  Transaction qualified for operating lease treatment and met company’s tax constraints.  Coordinated debt financing using five separate institutions.

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