Magellan Midstream Partners, L.P. has announced that it has priced US$650 million of its 5.00% senior notes due 2026. The notes were priced at 99.875% of par to yield 5.016% to maturity. The partnership intends to use the net proceeds from this offering of approximately US$644.5 million, after deducting underwriting discounts and estimated offering expenses, for general partnership purposes and to repay borrowings outstanding under its revolving credit facilities, if any, and its commercial paper programme.
The offering is expected to close on 29 February 2016 and is subject to customary closing conditions. Barclays Capital Inc., US Bancorp Investments, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC and SMBC Nikko Securities America, Inc. are joint book-running managers for the debt offering, with Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., 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.
Edited from source by Stephanie Roker
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