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Magellan Midstream $275 million term loan to launch Tuesday
By Sara Rosenberg
New York, June 20 - Magellan Midstream Holdings LP is scheduled to launch its proposed $275 million term loan (Ba3) on Tuesday, according to a market source.
Goldman Sachs and Lehman are the lead banks on the deal, with Goldman the left lead.
The term loan is talked at Libor plus 225 basis points, the source said.
Proceeds will be used to refinance existing bank debt and make a distribution to owners.
Magellan Midstream Holdings was formed by Madison Dearborn Partners LLC and Carlyle/Riverstone Global Energy and Power Fund to acquire interests in Williams Energy Partners LP, which was renamed Magellan Midstream Partners.
Magellan Midstream is a Tulsa, Okla., transporter, storer and distributor of refined petroleum products and ammonia.
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