TULSA, Okla. – Magellan
Midstream Partners, L.P. (NYSE: MMP) announced today that it has priced a $300
million public offering of 5.15% senior notes due Oct. 15, 2043 at a price of
approximately 99.56% of par to yield 5.179% to maturity. The partnership intends
to use the net proceeds from this offering of approximately $295.6 million,
after underwriting discounts and estimated offering expenses, to repay
borrowings outstanding under its revolving credit facility and for general
partnership purposes, which may include capital expenditures. Pending
application of the net proceeds, the partnership may make investments in
interest bearing securities or accounts.
The offering is
expected to close on Oct. 10, 2013 and is subject to customary closing
conditions. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Merrill
Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, LLC are
joint book-running managers for the debt offering, with Barclays Capital Inc.,
Mitsubishi UFJ Securities (USA), Inc., Morgan Stanley & Co. LLC, SMBC Nikko
Securities America, Inc., SunTrust Robinson Humphrey, Inc., UBS Securities LLC
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, 3rd floor, Attention: Investment Grade Syndicate Desk, New York,
NY 10179, phone: (212) 834-4533;
- Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
phone: (800) 831-9146;
- Merrill Lynch, Pierce, Fenner &
Smith Incorporated, 222 Broadway, 11th floor, Attention: Prospectus
Department, New York, NY 10038, phone: (800) 294-1322; or
- RBC Capital Markets, LLC, 200 Vesey
Street, Three World Financial Center, Attention: Transaction Management, New
York, NY 10281, phone: (866) 375-6829.
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 more than 40% of the
nation’s refining capacity, and can store over 80 million barrels of petroleum
products such as gasoline, diesel fuel and crude oil.
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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.