Magellan Midstream Partners (MMP) Announces 5M Common Unit Offering

Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it plans to sell 5 million common units in a registered public offering. The partnership intends to use the net proceeds from this offering to pay a portion of the purchase price for the partnership's previously announced, pending acquisition of petroleum storage and pipeline assets. Prior to acquisition closing, the partnership intends to apply some or all of the net proceeds to repay borrowings under its revolving credit facility, with the balance to be used for general partnership purposes.

Morgan Stanley, BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities will act as joint book-running managers of the common unit offering. In addition, RBC Capital Markets and UBS Investment Bank have been named as co-managing underwriters.