Magellan Midstream Holdings, L.P. announced that approximately 23.3 million of its currently outstanding common units have been sold in a private placement transaction.
MGG Midstream Holdings, L.P., which is primarily owned by private equity firms Madison Dearborn Partners, LLC and Carlyle/Riverstone Global Energy and Power Fund II, L.P., was the selling unitholder and will receive all proceeds from the sale.
The units were sold to a number of institutional investors, led by Kayne Anderson Capital Advisors, GPS Partners LLC, Lehman Brothers MLP Opportunity Fund L.P. and Zimmer Lucas Partners, LLC. Following this transaction, MGG Midstream Holdings, L.P. owns 28 percent of MGG, with the public owning the remaining 72 percent.
The transaction does not impact the amount of cash distributions paid by MGG or the total number of MGG units outstanding.