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Magellan Midstream Partners, L.P. has priced $250 million of its 5.15% senior notes due 2043.
The notes, which are additional notes of the series originally issued on Oct. 10, 2013, were priced at 103.085% of par to yield 4.95% to maturity. The partnership intends to use the net proceeds from this offering of approximately $255 million, after underwriting discounts, estimated offering expenses and accrued interest, to repay borrowings outstanding under its revolving credit facility and for general partnership purposes, which may include capital expenditures. Pending application of the net proceeds, the partnership may make investments in interest bearing securities or accounts.
The offering is expected to close on March 4, 2014 and is subject to customary closing conditions. Wells Fargo Securities, LLC, Barclays Capital Inc., Mitsubishi UFJ Securities (USA), Inc. and U.S. Bancorp Investments, Inc. are joint book-running managers for the debt offering, with Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. acting as co-managers.