Magellan Midstream To Buy Longhorn Pipeline

TULSA, Okla. (AP) — Magellan Midstream Partners LP said Friday it will submit an initial $340 million offer for a 700-mile pipeline and other assets of bankrupt Longhorn Partners Pipeline LP.

Magellan's so-called "stalking horse" bid, an initial offer for a bankrupt company's assets, is $250 million for the pipeline system plus about $90 million for product in the pipeline. Magellan said it will finance the acquisition with debt.

Other assets in the deal include a terminal in El Paso, Texas, and more than 900,000 barrels of storage. The completion of the sale will be determined by an auction process and approval from a bankruptcy court and regulators. ...