TULSA, Okla., Jan. 11, 2019 /PRNewswire/ -- Magellan Midstream
Partners, L.P. (NYSE: MMP) announced today that it has priced
$500 million of its 4.850% senior
notes due 2049. The notes were priced at 99.371% of par to yield
4.890% to maturity. The partnership intends to use the net proceeds
from this offering of approximately $491.7
million, after deducting underwriting discounts and
estimated offering expenses, together with cash on hand, to redeem
its 6.55% senior notes due 2019. Any remaining net proceeds will be
used for general partnership purposes.
The offering is expected to close on Jan.
18, 2019 and is subject to the satisfaction of customary
closing conditions. J.P. Morgan Securities LLC, Mizuho Securities
USA LLC, RBC Capital Markets, LLC,
SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments,
Inc. are joint book-running managers for the debt offering, with
Barclays Capital Inc., Citigroup Global Markets Inc., PNC Capital
Markets LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo
Securities, LLC acting as co-managers.
The offering may be made only by means of a prospectus
supplement and accompanying base prospectus. Copies of these
documents may be obtained on EDGAR on the Securities and Exchange
Commission website at www.sec.gov. Alternatively, an
underwriter participating in this offering will arrange to send a
prospectus as supplemented to an investor if requested by
contacting:
- J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment
Grade Syndicate Desk, Fax: (212) 834-6081;
- Mizuho Securities USA LLC, 320
Park Avenue, 12th Floor, New York, New
York 10022, Attention: Debt Capital Markets Desk, Fax: (212)
205-7812;
- RBC Capital Markets, LLC, 200 Vesey Street, New York, New York 10281, Attention: DCM
Transaction Management, Fax: (212) 428-6308;
- SMBC Nikko Securities America, Inc., 277 Park Avenue,
New York, New York 10172,
Attention: Debt Capital Markets; and
- U.S. Bancorp Investments, Inc., 214 North Tryon Street,
Charlotte, North Carolina 28202,
Attention: High Grade Syndicate, Fax: (877) 733-3462.
A registration statement relating to these securities became
effective upon filing with the Securities and Exchange Commission.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Magellan Midstream Partners, L.P.
Magellan
Midstream Partners, L.P. (NYSE: MMP) is a publicly traded
partnership that primarily transports, stores and distributes
refined petroleum products and crude oil. The partnership owns the
longest refined petroleum products pipeline system in the country,
with access to nearly 50% of the nation's refining capacity, and
can store more than 100 million barrels of petroleum products such
as gasoline, diesel fuel and crude oil.
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, actual
outcomes may 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:
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Paula
Farrell
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(918)
574-7650
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paula.farrell@magellanlp.com
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SOURCE Magellan Midstream Partners, L.P.