FINDLAY, Ohio, March 10, 2022 /PRNewswire/ — MPLX LP (NYSE: MPLX) announced today that it has priced $1,500,000,000 in aggregate principal amount of 4.950% senior notes due 2052 (the “Notes”) in an underwritten public offering. The Notes were offered at a price to the public of 98.982% of par.
MPLX intends to use the net proceeds from this offering to repay outstanding borrowings under an intercompany loan agreement with its sponsor, Marathon Petroleum Corporation, and its revolving credit agreement. Any remaining net proceeds will be used for general partnership purposes.
The closing of the offering is expected to occur on March 14, 2022, subject to satisfaction of customary closing conditions.
Citigroup Global Markets Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC 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:
Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
RBC Capital Markets, LLC
200 Vesey Street, 8th Floor
New York, New York 10281
TD Securities (USA) LLC
1 Vanderbilt Avenue, 12th Floor
New York, New York 10017
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
Jamie Madere, Manager, Investor Relations
Isaac Feeney, Analyst, Investor Relations
Media Contact: (419) 421-3312
Jamal Kheiry, Communications Manager
SOURCE MPLX LP