Magellan Midstream Partners LP (NYSE: MMP) priced $250 million of its 5.15% senior notes due 2043, the company said Feb. 25.

The notes, which are additions to a series of notes issued Oct. 10, 2013, were priced at 103.085% of par, to yield 4.95% to maturity, the company added.

Net proceeds after underwriting discounts—about $255 million—will repay borrowings under revolving credit and also be used for general purposes, Magellan Midstream said. The company may invest in interest-bearing securities or accounts, pending the proceeds’ application, the company noted.

The offer is scheduled to close March 4, the company said.

Wells Fargo Securities LLC, Barclays Capital Inc., Mitsubishi UFJ Securities (USA) Inc. and U.S. Bancorp Investments Inc. were joint book-running managers, the company said.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. co-managed the offer, the company added.

Magellan Midstream Partners, based in Tulsa, transports, stores and distributes refined petroleum products and crude oil.