Magellan Midstream Prices $500 Million Debt Offering

TULSA, Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has priced $500 million of its 4.20% senior notes due 2047. The notes were priced at 99.341% of par to yield 4.239% to maturity. The partnership intends to use the net proceeds from this offering of approximately $491.6 million, after deducting underwriting discounts and estimated offering expenses, to repay borrowings outstanding under its commercial paper program. Any remaining net proceeds may be used for general partnership purposes, which may include capital expenditures.

The offering is expected to close on Oct. 3, 2017 and is subject to the satisfaction of customary closing conditions. Barclays Capital Inc., SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC and SMBC Nikko Securities America, Inc. are joint book-running managers for the debt offering, with J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. 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:

  • Barclays Capital Inc., c/o Broadridge Financial Solutions, Inc., 1155 Long Island Avenue, Edgewood, NY 11717, e-mail: barclaysprospectus@broadridge.com, phone: (888) 603-5847;
  • SunTrust Robinson Humphrey, Inc., 303 Peachtree Street, Atlanta, GA 30308, Attention: Prospectus Department, phone: (800) 685-4786; and
  • Wells Fargo Securities, LLC, 608 2nd Avenue South, Minneapolis, MN 55402, Attn: WFS Customer Service, e-mail: wfscustomerservice@wellsfargo.com, 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 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 approximately 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 Information:

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