Magellan Midstream (MMP) Approves Two-for-One Unit Split

August 30, 2012 9:13 AM EDT
Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that its board of directors has approved a two-for-one split of the partnership's limited partner units. Holders of record at the close of business on Sept. 28, 2012 will receive one additional limited partner unit for each unit owned on that date. The units will be distributed on Oct. 12, 2012.

Following the two-for-one split, the current annual cash distribution of $3.77 per unit will become $1.885 per unit, or 47.125 cents per unit on a quarterly basis, and 226.2 million limited partner units will be outstanding.

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