www.magellanlp.com

07/14/2010


Magellan Midstream Prices Public Unit Offering

TULSA, Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has priced its public offering of 5 million common units at $46.65 per unit. The partnership intends to use the net proceeds from this offering, after expenses, of approximately $225 million to pay a portion of the purchase price for the partnership’s previously announced, pending acquisition of petroleum storage and pipeline assets. Prior to acquisition closing, the partnership intends to apply some or all of the net proceeds to repay borrowings under its revolving credit facility, with the balance to be used for general partnership purposes.

Morgan Stanley, BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities are joint book-running managers of the common unit offering, with RBC Capital Markets and UBS Investment Bank acting as co-managing underwriters. The offering is expected to close on July 19, 2010.

When available, a copy of the final prospectus supplement and related base prospectus may be obtained on the SEC website at www.sec.gov or from any of the underwriters, including:

  • Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd floor, New York, NY 10014, e-mail: prospectus@morganstanley.com, phone: 866-718-1649;
  • BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department, e-mail: dg.prospectus_requests@baml.com;
  • J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, phone: 866-803-9204; or
  • Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, e-mail: equity.syndicate@wachovia.com, phone: 800-326-5897.

     

The underwriters have a 30-day option to purchase up to 750,000 additional common units to cover over-allotments, if any.

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. The offering may be made only by means of a prospectus and related prospectus supplement.

 

About Magellan Midstream Partners, L.P.

Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products.

 

### 

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 Information:

Paula Farrell Investor Relations 918-574-7650 paula.farrell@magellanlp.com