Magellan Midstream Partners LP priced $500 million of its 4.25% senior notes due 2046, the company said Sept. 6.
The net proceeds of about $488.7 million will repay Magellan’s 5.65% senior notes when due in October, and will repay outstanding commercial paper program borrowings. Any remaining proceeds may support general partnership purposes including capex.
The offering is expected to close on Sept. 13.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA Inc. and RBC Capital Markets LLC are joint book-running managers. Barclays Capital Inc., PNC Capital Markets LLC, SMBC Nikko Securities America Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are co-managers.
Magellan Midstream Partners LP is based in Tulsa, Okla.
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