Magellan Midstream Partners prices senior notes
Published by Lydia Woellwarth,
Editor
World Pipelines,
Magellan Midstream Partners, L.P. has announced that it has priced US$500 million of its 3.950% senior notes due 2050. The notes were priced at 99.910% of par to yield 3.955% to maturity. The partnership intends to use the net proceeds from this offering of approximately US$494.4 million, after deducting underwriting discounts and estimated offering expenses, for general partnership purposes, including expansion capital projects.
The offering is expected to close on 19 August 2019 and is subject to the satisfaction of customary closing conditions. Barclays Capital Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC are joint book-running managers for the debt offering, with J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc. acting as co-managers.
The offering is being 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.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. 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 US, with access to nearly 50% of the nation's refining capacity, and can store more than 100 million bbls of petroleum products such as gasoline, diesel fuel and crude oil.
Read the article online at: https://www.worldpipelines.com/business-news/09082019/magellan-midstream-partners-prices-senior-notes/
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