Magellan Midstream prices $650M debt offering

Magellan Midstream Partners LP (NYSE: MMP) has priced $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 offering is expected to close on Feb. 29.

The partnership intends to use the net proceeds from this offering of approximately $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 program.

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., JP Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC, and SunTrust Robinson Humphrey Inc. acting as co-managers.

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