TULSA, Okla. – Magellan Midstream Holdings, L.P. (“Magellan Holdings”), the owner of the general partner interest and 100% of the incentive distribution rights in Magellan Midstream Partners, L.P. (NYSE: MMP), announced today that it will commence an initial public offering of 17 million of its common units pursuant to a registration statement on Form S-1 previously filed with the Securities and Exchange Commission.
This offering represents an approximate 27% limited partner interest in Magellan Holdings. The underwriters will be granted a 30-day option to purchase up to an additional 2.55 million common units.
Once approved, Magellan Holdings intends to list its common units on the New York Stock Exchange under the ticker symbol “MGG”.
Citigroup Global Markets Inc., Lehman Brothers Inc., Goldman, Sachs & Co. and Wachovia Capital Markets, LLC will act as joint book-running managers. In addition, A.G. Edwards & Sons, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Oppenheimer & Co. Inc., Raymond James & Associates, Inc. and RBC Capital Markets Corporation will act as co-managers for this offering.
A copy of the prospectus relating to this offering may be obtained from any of the underwriters, including Citigroup Global Markets Inc., Brooklyn Army Terminal, Attn: Prospectus Delivery Department, 140 58 th Street, Brooklyn, New York 11220, phone: 718-765-6732; or Lehman Brothers Inc. c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717, fax: 631-254-7268.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
About Magellan Midstream Holdings, L.P.
Magellan Midstream Holdings, L.P. is a limited partnership formed to own and control Magellan GP, LLC, the general partner of Magellan Midstream Partners, L.P. Magellan GP, LLC currently owns a 2% general partner interest and 100% of the incentive distribution rights in Magellan Midstream Partners, L.P.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. is a publicly traded partnership formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products.
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Portions of this document may constitute forward-looking statements as defined by federal law. Although the partnership believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Additional information about issues that could lead to material changes in performance is contained in the partnership's filings with the Securities and Exchange Commission.
Contact Information:
| Paula Farrell | Magellan Midstream Holdings, L.P. Investor Relations | 918-574-7650 | paula.farrell@magellanlp.com |
