Friday, June 19, 2009

Magellan Midstream Partners Prices $300M Note Offering

Magellan Midstream Partners, L.P. (NYSE: MMP - News) announced today that it has priced a $300 million public offering of its 10-year senior notes at 6.55%. The net proceeds from this offering of approximately $296.5 million, after payment of underwriting discounts and estimated offering expenses, will be used to repay all of the borrowings outstanding under its revolving credit facility and for general partnership purposes, including capital expenditures.
J.P. Morgan Securities Inc., Banc of America Securities LLC and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers for the debt offering, which is expected to close on June 26, 2009. In addition, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Mitsubishi UFJ Securities (USA), Inc., Morgan Stanley & Co. Incorporated and Wachovia Capital Markets, LLC are acting as co-managing underwriters.

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