Magellan Midstream Partners Prices Debt Offering

Magellan Midstream Partners, L.P. (NYSE: MMP) has priced its previously announced public offering of senior notes. The $250 million of 10-year senior unsecured notes priced at 6.45 percent. The net proceeds from this offering of approximately $247 million, after payment of underwriting discounts and estimated offering expenses, will be used principally to refinance a portion of the partnership's existing debt. In connection with this refinancing, the collateral securing all of the partnership's debt will be released.

J.P. Morgan Securities Inc. and Lehman Brothers Inc. are leading the debt offering, which is expected to close on May 25, 2004.

When available, a copy of the final debt prospectus supplement and related base prospectus associated with the senior notes offering may be obtained from J.P. Morgan Securities Inc., Attn: Corporate Bond Syndicate, 270 Park Avenue, New York, NY 10017, Phone: 212-834-4533, Fax: 212-834-6081, or Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, Phone: 631-254-7106, Fax: 631-254-7268.

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