Magellan Midstream Partners LP on Aug. 8 priced an offering of $500 million of its 3.950% senior notes due 2050 at 99.910% of par to yield 3.955% to maturity.

The partnership expects proceeds of approximately $494.4 million, after deducting underwriting discounts and estimated offering expenses, which will be used for general partnership purposes, including expansion capital projects.

Barclays Capital Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC are joint book-running managers for the offering. 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 co-managers.