MGG Increases Cash Distribution for Eleventh Consecutive Quarter
October 23 2008 - 12:21PM
PR Newswire (US)
TULSA, Okla., Oct. 23 /PRNewswire-FirstCall/ -- The board of
directors for the general partner of Magellan Midstream Holdings,
L.P. (NYSE:MGG) has increased the partnership's quarterly cash
distribution to 35.4 cents per unit for the period July 1 through
Sept. 30, 2008, representing its eleventh consecutive quarterly
distribution increase. The partnership had indicated in a news
release on Oct. 9 that the board of directors was expected to
approve the increase. The third-quarter distribution represents a
22% increase over the third-quarter 2007 distribution of 29 cents
and a 5% increase over the second-quarter 2008 distribution of
33.75 cents per unit. The new distribution, which equates to $1.416
per unit on an annualized basis, will be paid Nov. 14, 2008 to
unitholders of record at the close of business on Nov. 7. MGG owns
the general partner interest and incentive distribution rights of
Magellan Midstream Partners, L.P. (NYSE:MMP). The partnership
currently has no separate operating activities apart from those
conducted by MMP, and its cash flow is derived from cash
distributions received from MMP. Related to third quarter 2008, MGG
will receive distributions of $22.9 million from its ownership
interest in MMP, almost all of which is available for distribution
to MGG unitholders. The partnership plans to announce third-quarter
earnings before the market opens on Mon., Nov. 3. An analyst
conference call is scheduled at 1:30 p.m. Eastern the same day. To
participate, dial (888) 778-9058 and provide code 2504671.
Investors also may listen to the call via the partnership's website
at http://www.mgglp.com/webcasts.asp. This announcement is intended
to be a qualified notice under Treasury Regulation Section
1.1446-4(b), with 100% of the partnership's distributions to
foreign investors attributable to income that is effectively
connected with a United States trade or business. Accordingly,
MGG's distributions to foreign investors are subject to federal
income tax withholding at a rate of 35%. About Magellan Midstream
Holdings, L.P. Magellan Midstream Holdings, L.P. (NYSE:MGG) is a
publicly traded partnership formed to own the general partner
interest and 100% of the incentive distribution rights in Magellan
Midstream Partners, L.P. (NYSE:MMP), which primarily transports,
stores and distributes refined petroleum products. More information
is available at http://www.mgglp.com/. Portions of this document
may constitute forward-looking statements as defined by federal
law. Although management believes any such statements are based on
reasonable assumptions, there is no assurance that actual outcomes
will not be materially different. Additional information about
issues that could lead to material changes in performance is
contained in the partnership's filings with the Securities and
Exchange Commission. Contact: Paula Farrell (918) 574-7650
http://www.newscom.com/cgi-bin/prnh/20060201/DAW022LOGO
http://photoarchive.ap.org/ DATASOURCE: Magellan Midstream
Holdings, L.P. CONTACT: Paula Farrell of Magellan Midstream
Holdings, L.P., +1-918-574-7650, Web site: http://www.mgglp.com/
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