Magellan Midstream Partners LP entered into a 364-day credit agreement providing $500.0 million of commitments from lenders, with a maturity date of May 15, 2020.

The credit agreement also includes a term-out option that Magellan could exercise no later than 30 days before the maturity date. Magellan could opt to have all outstanding borrowings converted into a term loan payable 24 months after the maturity date, subject to a term-out fee, according to a May 22 SEC filing.

Wells Fargo Bank NA acted as administrative agent for the lenders.