Magellan Midstream Partners LP priced an offering of $500 million of its 4.850% senior notes due 2049 at 99.371% of par.

The Tulsa, Okla.-based oil and gas pipeline partnership plans to use proceeds from the offering, expected to be $491.7 million, and cash on hand to redeem its 6.55% senior notes due 2019, according to a Jan. 11 news release. Magellan would use the remaining proceeds from the offering, expected to close Jan. 18, for general partnership purposes.

J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets LLC, SMBC Nikko Securities America Inc. and U.S. Bancorp Investments Inc. are acting as joint book-running managers for the offering. Barclays Capital Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are acting as co-managers.