Magellan Midstream prices $500M debt offering

Magellan Midstream Partners LP (NYSE: MMP) has priced $500 million of its 4.20% senior notes due 2047. The notes were priced at 99.341% of par to yield 4.239% to maturity. The partnership intends to use the net proceeds from this offering of approximately $491.6 million, after deducting underwriting discounts and estimated offering expenses, to repay borrowings outstanding under its commercial paper program. Any remaining net proceeds may be used for general partnership purposes, which may include capital expenditures.

The offering is expected to close on Oct. 3, 2017 and is subject to the satisfaction of customary closing conditions. Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, and SMBC Nikko Securities America Inc. are joint book-running managers for the debt offering, with J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets LLC, and U.S. Bancorp Investments Inc. acting as co-managers.

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