Ampol (ASX:ALD) priced its offering of AU$600 million subordinated notes due in 2054, according to a Friday filing with the Australian bourse.

The 30-year notes' interest is payable quarterly at a floating rate of three-month bank bill swap rate plus a margin of 2.5%.

Ampol said the subordinated notes are expected to receive 50% equity credit from Moody's.

Proceeds will be used to refinance upcoming debt maturities and for general corporate purposes, the filing said. Settlement is slated for Dec. 11.