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Magellan Midstream to sell select marine terminals

January 27/2020

MOSCOW (MRC) -- Magellan Midstream Partners, L.P. announced an agreement to sell three marine terminals to Buckeye Partners, L.P. for USD250 million, said Hydrocarbonprocessing.

The terminals are located in New Haven, Connecticut, Wilmington, Delaware and Marrero, Louisiana. "Magellan remains focused on capital discipline and managing our business for the long term," said Michael Mears, chief executive officer. Optimization of our asset portfolio, including divestiture of facilities outside our strategic footprint, is an important element to maximize unitholder value and our strong financial position."

Mears continued, I would also like to personally and on behalf of the organization express our gratitude for the contributions from all employees supporting these facilities through the years and during this time of transition."

The sale is expected to close by late first quarter or early second quarter 2020, subject to regulatory approvals. The partnership intends to provide 2020 financial guidance as part of its fourth-quarter 2019 earnings release on Jan. 30 but does not expect the terminals sale to have a material impact on its future financial results.

Jefferies served as financial advisor and GableGotwals served as legal counsel to Magellan in connection with the transaction.

The partnership also announced that its board of directors has authorized the repurchase of up to $750 million of common units through 2022. Magellan intends to purchase its common units from time-to-time through a variety of methods, including open market purchases and negotiated transactions, all in compliance with the rules of the Securities and Exchange Commission and other applicable legal requirements.

As MRC informed earlier, Magellan Midstream Partners LP has begun talks with companies developing crude transportation assets in Freeport, Texas, as it considers building a US crude export terminal there instead of its previously planned spot off Corpus Christi.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, crude oil, petrochemistry, Crude oil.
Category:General News
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