MPLX LP prices $1.0 billion senior notes offering

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Aug 08, 2022, 17:00 ET

FINDLAY, Ohio, Aug. 8, 2022 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $1,000,000,000 in aggregate principal amount of 4.950% senior notes due 2032 (the "Notes") in an underwritten public offering. The Notes were offered at a price to the public of 99.433% of par.

MPLX intends to use the net proceeds from this offering to repay, redeem or otherwise retire some or all of its (i) 3.500% senior notes due December 2022 (including the portion of such notes for which Andeavor Logistics LP is the obligor) and (ii) 3.375% senior notes due March 2023, and in the interim may use such net proceeds for general partnership purposes.

The closing of this offering is expected to occur on Aug. 11, 2022, subject to satisfaction of customary closing conditions.

Barclays Capital Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for this 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:

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Toll-Free: 1-888-603-5847
Email: [email protected]

Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, NY 10020
Attn: Debt Capital Markets
Toll-free: 1-866-271-7403

Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
Attn: WFS Customer Service
Toll-free: 1-800-645-3751
Email: [email protected]

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 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
Jamie Madere, Manager
Isaac Feeney, Analyst

Media Contact: (419) 421-3312
Jamal Kheiry, Communications Manager

SOURCE MPLX LP