MPLX LP prices $2.0 billion senior notes offering

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Sep 04, 2019, 18:01 ET

FINDLAY, Ohio, Sept. 4, 2019 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $2,000,000,000 in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1,000,000,000 aggregate principal amount of floating rate senior notes due 2021 (the "2021 senior notes") and $1,000,000,000 aggregate principal amount of floating rate senior notes due 2022 (the "2022 senior notes").

The 2021 senior notes were offered at a price to the public of 100% of par and will bear interest at a floating rate equal to the three-month LIBOR plus 0.900% per annum, reset quarterly. The 2022 senior notes were offered at a price to the public of 100% of par and will bear interest at a floating rate equal to the three-month LIBOR plus 1.100% per annum, reset quarterly.

MPLX intends to use a portion of the net proceeds from this offering to repay, redeem or otherwise retire the Andeavor Logistics LP 5.500% senior notes due 2019. Pending that final use, MPLX intends to use the net proceeds from this offering to repay borrowings under its revolving credit facility and its amended and restated intercompany loan agreement with Marathon Petroleum Corporation and/or for general partnership purposes, which may include, from time to time, acquisitions, capital expenditures and the payment of distributions.

The closing of the senior notes offering is expected to occur on Sept. 9, 2019, subject to satisfaction of customary closing conditions.

Citigroup Global Markets Inc.; Barclays Capital Inc.; and RBC Capital Markets, 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.
388 Greenwich Street
New York, NY 10013
Toll-Free: (800) 831-9146

Barclays Capital Inc.
745 Seventh Avenue
New York, NY 10019
Toll-Free: (888) 603-5847

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

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 Contact:
Kristina Kazarian (419) 421-2071

Media Contact:
Hamish Banks (419) 421-2521

SOURCE MPLX LP