Magellan Midstream Prices $250 Mln Debt Offering

(RTTNews) - Magellan Midstream Partners, L.P. (MMP) said Tuesday that it 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 offering is expected to close on March 4.

The partnership plans to use the net proceeds from the offering of about $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.