New Issue: Magellan Midstream prices $500 million 3.95% senior notes due 2050 at 172 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 8 – Magellan Midstream Partners, LP priced $500 million of 3.95% senior notes due March 1, 2050 on Thursday at a spread of 172 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa1/BBB+) priced at 99.91 to yield 3.955%.

Barclays, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for general partnership purposes.

The energy transportation, storage and distribution company is based in Tulsa, Okla.

Issuer:	Magellan Midstream Partners, LP
Amount:	$500 million
Description:	Senior notes
Maturity:	March 1, 2050
Bookrunners:	Barclays, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
Co-managers:	J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc.
Coupon:	3.95%
Price:	99.91
Yield:	3.955%
Spread:	Treasuries plus 172 bps
Call feature:	Make-whole call before Sept. 1, 2049 at greater of par and Treasuries plus 30 bps; thereafter at par
Trade date:	Aug. 8
Settlement date:	Aug. 19
Ratings:	Moody’s: Baa1
	S&P: BBB+
Distribution:	SEC registered

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