By Aleesia Forni
Virginia Beach, Feb. 25 - Magellan Midstream Partners LP priced a $250 million add-on to its existing 5.15% senior notes due Oct. 15, 2043 with a spread of Treasuries plus 130 basis points, according to a market source and a 424B2 filed with the Securities and Exchange Commission.
The notes (Baa1/BBB+/) priced at 103.085 to yield 4.95%.
Wells Fargo Securities LLC, Barclays, Mitsubishi UFJ Securities (USA) Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used to repay borrowings under the company's revolving credit facility and for general partnership purposes, which may include capital expenditures.
The original $300 million of 5.15% 30-year senior notes priced on Oct. 3 with a spread of Treasuries plus 145 bps.
The energy transportation, storage and distribution company is based in Tulsa, Okla.
| Issuer: | Magellan Midstream Partners LP
|
| Amount: | $250 million
|
| Description: | Add-on to senior notes due 2043
|
| Maturity: | Oct. 15, 2043
|
| Bookrunners: | Wells Fargo Securities LLC, Barclays, Mitsubishi UFJ Securities (USA) Inc., U.S. Bancorp Investments Inc.
|
| Co-managers: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5.15%
|
| Price: | 103.085
|
| Yield: | 4.95%
|
| Spread: | Treasuries plus 130 bps
|
| Make-whole call: | Treasuries plus 25 bps prior to April 15, 2043, then callable at par
|
| Trade date: | Feb. 25
|
| Settlement date: | March 4
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Distribution: | SEC registered
|
| Total issue size: | $550 million, including $300 million sold on Oct. 3
|
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