TULSA, Okla. – Magellan
Midstream Partners, L.P. (NYSE: MMP) announced today that it has priced $500
million of senior notes, consisting of $250 million of its 3.20% senior notes
due 2025, priced at 99.871% of par to yield 3.215% to maturity, and $250
million of its 4.20% senior notes due 2045, priced at 99.965% of par to yield
4.202% to maturity. The partnership intends to use the net proceeds from this
offering of approximately $495.3 million, after deducting underwriting
discounts and estimated offering expenses, for general partnership purposes and
to repay borrowings outstanding under its revolving credit facility, if any,
and its commercial paper program.
The offering is
expected to close on March 4, 2015 and is subject to customary closing
conditions. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., RBC
Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. are joint
book-running managers for the debt offering, with Barclays Capital Inc.,
Mitsubishi UFJ Securities (USA), Inc., Morgan Stanley & Co. LLC, PNC
Capital Markets LLC, SMBC Nikko Securities America, Inc., U.S. Bancorp
Investments, 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 from:
-
J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk - 3rd
floor, phone: (212) 834-4533;
-
Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
phone: (800) 831-9146;
-
RBC Capital Markets, LLC, 200 Vesey
Street, 8th floor, New York, NY 10281, Attention: DCM Transaction Management, phone:
(866) 375-6829; or
-
SunTrust Robinson Humphrey, Inc., 3333
Peachtree Road NE, 11th floor, Atlanta, GA 30326, Attention: Investment Grade
Syndicate Desk, phone: (800) 685-4786.
Electronic copies of the prospectus supplement and
accompanying base prospectus are also available from the Securities and
Exchange Commission’s website at www.sec.gov.
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
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 95 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, 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.