TULSA, Okla. – Magellan
Midstream Partners, L.P. (NYSE: MMP) announced today that it has priced $250
million of its 5.15% senior notes due 2043. The notes, which are additional
notes of the series originally issued on Oct. 10, 2013, were priced at 103.085%
of par to yield 4.95% to maturity. The partnership intends to use the net
proceeds from this offering of approximately $255 million, after underwriting
discounts, estimated offering expenses and accrued interest, 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 March 4, 2014 and is subject to customary closing
conditions. Wells Fargo Securities, LLC, Barclays Capital Inc., Mitsubishi UFJ
Securities (USA), Inc. and U.S. Bancorp Investments, Inc. are joint
book-running managers for the debt offering, with Citigroup Global Markets
Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital
Markets LLC, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, 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 from:
- Wells Fargo Securities, LLC, Attention:
Capital Markets Client Support, 1525 West W.T. Harris Blvd., NC0675, Charlotte,
NC 28262, e-mail: cmclientsupport@wellsfargo.com, phone: 800-326-5897;
- 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;
- Mitsubishi UFJ Securities (USA), Inc., Attention:
Capital Markets Group, 1633 Broadway, 29th Floor, New York, NY 10019,
phone: 877-649-6848; or
- U.S. Bancorp Investments, Inc., 214
North Tryon Street, 26th Floor, Charlotte, NC 28202, phone:
877-558-2607.
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 90 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.