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    MPLX LP prices $3 billion senior notes offering

    08/11/2020
    Download the PDF version PDF Format (opens in new window)

    FINDLAY, Ohio, Aug. 11, 2020 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $3,000,000,000 in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1,500,000,000 aggregate principal amount of 1.75% senior notes due in 2026 (the "2026 senior notes") and $1,500,000,000 aggregate principal amount of 2.65% senior notes due in 2030 (the "2030 senior notes").

    The 2026 senior notes and 2030 senior notes were offered at a price to the public of 99.785% of par and 99.913% of par, respectively.

    MPLX intends to use the net proceeds from this offering to repay or redeem existing indebtedness, including, without limitation, (i) the $1 billion term loan borrowing maturing in 2021, (ii) the $1 billion aggregate principal amount of its floating rate senior notes due 2021, (iii) the $300 million aggregate principal amount of its 6.250% senior notes due 2022 (including the approximately $34 million in aggregate principal amount of senior notes issued by Andeavor Logistics LP and Tesoro Logistics Finance Corp.) and (iv) the $450 million aggregate principal amount of its 6.375% senior notes due 2024 (including the approximately $69 million in aggregate principal amount of senior notes issued by Andeavor Logistics LP and Tesoro Logistics Finance Corp.). Any remaining net proceeds will be used for general partnership purposes. 

    The closing of the senior notes offering is expected to occur on Aug. 18, 2020, subject to satisfaction of customary closing conditions.

    RBC Capital Markets, LLC; J.P. Morgan Securities LLC; and MUFG Securities Americas Inc. are acting as joint book-running managers for the offering.

    This offering is being made only by means of a prospectus and related prospectus supplement, which may be obtained for free by visiting the Securities and Exchange Commission's website at http://www.sec.gov. Alternatively, copies may be obtained by contacting the following, who are acting as representatives of the underwriters:

    RBC Capital Markets, LLC
    200 Vesey Street, 8th Floor
    New York, NY 10281
    Toll-Free: (866) 375-6829

    J.P. Morgan Securities LLC
    383 Madison Avenue
    New York, New York 10179
    Collect: (212) 834-4533

    MUFG Securities Americas Inc.
    1221 Avenue of the Americas, 6th Floor
    New York, NY 10020
    Attn: Capital Markets Group
    Toll-Free: (877) 649-6848

    This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About MPLX LP 

    MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. MPLX's assets include a network of crude oil and refined petroleum product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins.

    Investor Relations Contacts: (419) 421-2071
    Kristina Kazarian, Vice President, Investor Relations
    Evan Barbosa, Manager, Investor Relations
    Jim Mallamaci, Manager, Investor Relations

    Media Contacts:
    Hamish Banks, Vice President, Corporate Communications (419) 421-2521
    Jamal Kheiry, Manager, Corporate Communications (419) 421-3312

    Cision View original content:http://www.prnewswire.com/news-releases/mplx-lp-prices-3-billion-senior-notes-offering-301110429.html

    SOURCE MPLX LP

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