Magellan Midstream Partners LP on Aug. 19 closed its underwritten public offering of $500 million of its 3.950% senior notes.
Interest on the notes, which will mature March 1, 2050, is payable every March 1 and Sept. 1, starting March 1, 2020.
The partnership may redeem part or all of the notes at a redemption price that includes a "make-whole" premium any time before Sept. 1, 2049, or at a redemption price equal to 100% of the principal amount of the notes on or after Sept. 1, 2049.
U.S. Bank NA acted as the trustee for the offering.
Magellan Midstream provides transportation and distribution services for refined petroleum products and crude oil.
