Magellan Midstream Prices $500 Million Debt Offering

TULSA, Okla., Jan. 11, 2019 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it has priced $500 million of its 4.850% senior notes due 2049. The notes were priced at 99.371% of par to yield 4.890% to maturity. The partnership intends to use the net proceeds from this offering of approximately $491.7 million, after deducting underwriting discounts and estimated offering expenses, together with cash on hand, to redeem its 6.55% senior notes due 2019. Any remaining net proceeds will be used for general partnership purposes.

The offering is expected to close on Jan. 18, 2019 and is subject to the satisfaction of customary closing conditions. J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc. are joint book-running managers for the debt offering, with Barclays Capital Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC acting as co-managers.

The offering may be made only by means of a prospectus supplement and accompanying base prospectus. Copies of these documents may be obtained on EDGAR on the Securities and Exchange Commission website at www.sec.gov.  Alternatively, an underwriter participating in this offering will arrange to send a prospectus as supplemented to an investor if requested by contacting:

• J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, Fax: (212) 834-6081;
• Mizuho Securities USA LLC, 320 Park Avenue, 12th Floor, New York, New York 10022, Attention: Debt Capital Markets Desk, Fax: (212) 205-7812;
• RBC Capital Markets, LLC, 200 Vesey Street, New York, New York 10281, Attention: DCM Transaction Management, Fax: (212) 428-6308;
• SMBC Nikko Securities America, Inc., 277 Park Avenue, New York, New York 10172, Attention: Debt Capital Markets; and
• U.S. Bancorp Investments, Inc., 214 North Tryon Street, Charlotte, North Carolina 28202, Attention: High Grade Syndicate, Fax: (877) 733-3462.

A registration statement relating to these securities became effective upon filing with the Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. The partnership owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation's refining capacity, and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil.

Portions of this document may constitute forward-looking statements as defined by federal law. Although management believes any such statements are based on reasonable assumptions, actual outcomes may be materially different. Additional information about issues that could lead to material changes in performance is contained in the partnership's filings with the Securities and Exchange Commission.

SOURCE Magellan Midstream Partners, L.P.