S&P maintains Magellan notes at BBB

Standard & Poor's said it maintained the BBB rating on Magellan Midstream Partners LP's 4.25% senior notes due 2021 after it launched a $250 million add-on to the issue, which will now total $550 million.

The U.S. midstream energy company intends to use the net proceeds to repay outstanding credit facility borrowings and fund a portion of future capital spending.

As of June 30, Magellan had about $2 billion of reported long-term debt. The corporate credit rating on Magellan is BBB, and the outlook is positive.

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