August 8, 2019 - 5:40 PM EDT
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Magellan Midstream Prices $500 Million Debt Offering Due 2050

TULSA, Okla., Aug. 8, 2019 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has priced $500 million of its 3.950% senior notes due 2050. The notes were priced at 99.910% of par to yield 3.955% to maturity. The partnership intends to use the net proceeds from this offering of approximately $494.4 million, after deducting underwriting discounts and estimated offering expenses, for general partnership purposes, including expansion capital projects.

Magellan Midstream Partners, L.P. (PRNewsFoto/Magellan Midstream Partners, L.P.) (PRNewsFoto/)

The offering is expected to close on August 19, 2019 and is subject to the satisfaction of customary closing conditions. Barclays Capital Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC are joint book-running managers for the debt offering, with J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc. acting as co-managers.

The offering is being 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:

  • Barclays Capital Inc., c/o Broadridge Financial Solutions, Inc., 1155 Long Island Avenue, Edgewood, NY 11717, e-mail: [email protected], phone: (888) 603-5847;
  • PNC Capital Markets LLC, 300 Fifth Avenue, 10th Floor, Pittsburgh, PA 15222, phone: (855) 881-0697;
  • SunTrust Robinson Humphrey, Inc., 303 Peachtree Street, Atlanta, GA 30308, Attention: Prospectus Department, phone: (800) 685-4786;
  • TD Securities (USA) LLC, 31 West 52nd Street, New York, NY, 10019, phone: (212) 827-7392; and
  • Wells Fargo Securities, LLC, 608 2nd Avenue South, Minneapolis, MN 55402, Attention: WFS Customer Service, email: [email protected], phone: (800) 645-3751.

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:

Paula Farrell


(918) 574-7650


[email protected]

 

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SOURCE Magellan Midstream Partners, L.P.


Source: PR Newswire (August 8, 2019 - 5:40 PM EDT)

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