MPLX LP (NYSE: MPLX) has priced $2.25 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of two series of senior notes:
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$1.25 billion aggregate principal amount of 4.125% senior notes due in March 2027; and
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$1.0 billion aggregate principal amount of 5.200% senior notes due in March 2047.
The 2027 senior notes and the 2047 senior notes were offered at a price to the public of 99.834% and 99.304%, of par, respectively.
MPLX intends to use the net proceeds from this offering for general partnership purposes, which may include, from time to time, acquisitions (including the previously announced planned dropdown of assets from our sponsor, Marathon Petroleum Corporation) and capital expenditures.
The closing of the senior notes offering is expected to occur on Feb. 10, 2017, subject to satisfaction of customary closing conditions.
Barclays Capital Inc.; Citigroup Global Markets Inc.; MUFG Securities Americas Inc.; Wells Fargo Securities, LLC; BNP Paribas Securities Corp.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Mizuho Securities USA Inc.; RBC Capital Markets, LLC; SunTrust Robinson Humphrey, Inc.; TD Securities (USA) LLC; UBS Securities LLC; and U.S. Bancorp Investments, Inc. are acting as joint book-running managers.
This offering is being made only by means of a prospectus and related prospectus supplement, which may be obtained for free by visiting the SEC’s website at http://www.sec.gov. Alternatively, copies may be obtained by contacting the following, who are acting as representatives of the underwriters:
Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
1-888-603-5847
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
1-800-831-9146
MUFG
1221 Avenue of the Americas, 6th Floor
New York, NY 10020
Attn: Capital Markets Group
1-877-649-6848
Wells Fargo Securities
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
1-800-645-3751
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.
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About MPLX LP
MPLX is a diversified, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation to own, operate, develop and acquire midstream energy infrastructure assets. We are engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the transportation and storage of crude oil and refined petroleum products. Headquartered in Findlay, Ohio, MPLX’s assets consist of a network of common carrier crude oil and products pipeline assets located in the Midwest and Gulf Coast regions of the United States; an inland marine business; a butane storage cavern located in West Virginia with approximately one million barrels of storage capacity; crude oil and product storage facilities (tank farms) with approximately 4.5 million barrels of available storage capacity; a barge dock facility with approximately 78,000 barrels per day of crude oil and product throughput capacity; and gathering and processing assets that include more than 5,600 miles of gas gathering and NGL pipelines, 54 gas processing plants, 14 NGL fractionation facilities and two condensate stabilization facilities.
