MGG Increases Cash Distribution for Twelfth Consecutive Quarter
January 23 2009 - 1:53PM
PR Newswire (US)
TULSA, Okla., Jan. 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 35.9 cents per unit for the period Oct. 1 through
Dec. 31, 2008, representing its twelfth consecutive quarterly
distribution increase. The fourth-quarter distribution represents a
17% increase over the fourth-quarter 2007 distribution of 30.7
cents and a 1% increase over the third-quarter 2008 distribution of
35.4 cents per unit. For the year, MGG declared distributions of
$1.373 per unit for 2008, or 21% higher than distributions of
$1.1345 related to 2007. The new distribution, which equates to
$1.436 per unit on an annualized basis, will be paid Feb. 13, 2009
to unitholders of record at the close of business on Feb. 6. 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 fourth quarter 2008,
MGG will receive distributions of $23.5 million from its ownership
interest in MMP, almost all of which is available for distribution
to MGG unitholders. 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 the highest
effective tax rate. 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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