By Andrea Heisinger
New York, Aug. 5 - Magellan Midstream Partners, LP reopened its 6.55% senior notes due 2019 on Wednesday to add $250 million, according to a press release.
The notes (Baa2/BBB/) priced at 107.896 to yield 5.505%, or Treasuries plus 185 basis points. They have a make-whole call at Treasuries plus 50 bps.
Total issuance is $550 million, including $300 million priced June 19 at 280 bps over Treasuries.
J.P. Morgan Securities Inc. was the active bookrunner for the offering, with Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc. as passive bookrunners.
Co-managers were Deutsche Bank Securities Inc., Mitsubishi UFJ Securities, RBC Capital Markets Corp., UBS Securities and Wells Fargo Securities.
Proceeds will be used to repay borrowings under a revolving credit facility and for general corporate purposes.
The petroleum pipeline operator is based in Tulsa, Okla.
| Issuer: | Magellan Midstream Partners, LP
|
| Issue: | Senior notes
|
| Amount: | $250 million, reopened
|
| Maturity: | July 15, 2019
|
| Bookrunners: | J.P. Morgan Securities Inc. (active), Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc. (passive)
|
| Co-managers: | Deutsche Bank Securities Inc., Mitsubishi UFJ Securities, RBC Capital Markets Corp., UBS Securities, Wells Fargo Securities
|
| Coupon: | 6.55%
|
| Price: | 107.896
|
| Yield: | 5.505%
|
| Spread: | Treasuries plus 185 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Aug. 5
|
| Settlement date: | Aug. 12
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Total issuance: | $550 million, including $300 million priced June 19 at Treasuries plus 280 bps
|
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