Marathon Petroleum Corp. prices $2.5 billion senior notes offering

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Apr 23, 2020, 17:03 ET

FINDLAY, Ohio, April 23, 2020 /PRNewswire/ -- Marathon Petroleum Corporation (NYSE: MPC) announced today that it has priced $2.5 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1.25 billion principal amount of 4.500% senior notes due 2023 and $1.25 billion principal amount of 4.700% senior notes due 2025.

The 2023 senior notes and the 2025 senior notes were offered at a price to the public of 99.941% and 99.805% of par, respectively.

MPC intends to use the net proceeds from this offering to repay amounts outstanding under its five-year revolving credit facility, prefund the repayment of other indebtedness with near term maturities and for general corporate purposes.

The closing of the senior notes offering is expected to occur on April 27, 2020, subject to satisfaction of customary closing conditions.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Mizuho Securities USA LLC are acting as joint book-running managers for the offering.

MPC has filed a registration statement (including a prospectus and related preliminary prospectus supplement for the offering) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before investing, investors should read the preliminary prospectus supplement, the accompanying prospectus in that registration statement and the other documents MPC has filed with the SEC for more complete information about MPC and this offering. Investors may get these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, MPC, any underwriter or any dealer participating in the offering will arrange to send investors the preliminary prospectus supplement and the accompanying prospectus upon request by contacting the following, which are acting as representatives of the underwriters:

Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
(800) 831-9146 (toll-free)

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

Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, New York 10020
(866) 271-7403 (toll-free)

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 Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system with more than 3 million barrels per day of crude oil capacity across 16 refineries. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interests in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

Investor Relations Contacts:
Kristina Kazarian, Vice President, Investor Relations (419) 421-2071

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

Forward-Looking Statements

This press release includes forward-looking statements that are subject to risks, contingencies or uncertainties. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "estimate," "expect," "forecast," "goal," "guidance," "imply," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "project," "proposition," "prospective," "pursue," "seek," "should," "strategy," "target," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. Our forward-looking statements are not guarantees of future performance, and you should not rely unduly on them, as they involve risks, uncertainties and assumptions that we cannot predict. Material differences between actual results and any future performance suggested in our forward-looking statements could result from a variety of factors, such as the severity and duration of the COVID-19 pandemic and its impact on global economic conditions, the satisfaction of the customary closing conditions of the offering and our plan regarding the use of proceeds of the senior notes offering. Many of such factors are beyond are control. These factors also include such risks and uncertainties detailed in MPC's periodic public filings with the SEC, including but not limited to those discussed under "Risk Factors" in MPC's annual report on Form 10-K for the year ended December 31, 2019, its quarterly Form 10-Q filings and other filings made with the SEC and in other MPC investor communications from time to time. MPC undertakes no obligation to update any forward-looking statement except to the extent required by applicable law.

SOURCE Marathon Petroleum Corporation