MPLX LP announces redemption of outstanding 5.250% senior notes due 2025

Rhea-AI Summary

MPLX LP (NYSE: MPLX) announced the redemption of all outstanding $750 million 5.250% senior notes due January 15, 2025, including $42 million from its subsidiaries. The redemption will occur on January 15, 2021, at a price of 102.625% of the principal amount. Holders will receive the regular interest payment due on January 15, 2021. This notice serves only for informational purposes and does not constitute an offer or solicitation.

Positive

• MPLX is reducing future debt obligations by redeeming $750 million senior notes.

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• Redemption price is 102.625%, indicating a premium payment.

FINDLAY, Ohio, Dec. 29, 2020 /PRNewswire/ -- MPLX LP (NYSE: MPLX) today announced the redemption of all of the $750 million outstanding aggregate principal amount of MPLX's 5.250% senior notes due Jan. 15, 2025, including the approximately $42 million in aggregate principal amount of senior notes issued by Andeavor Logistics LP and Tesoro Logistics Finance Corp.

The 2025 senior notes will be redeemed on Jan. 15, 2021, at a price equal to 102.625% of the principal amount thereof. The regular semiannual interest payment due on the 2025 senior notes on Jan. 15, 2021, will be paid in the usual manner to holders of record at the close of business on Jan. 1, 2021.

This news release is for informational purposes only and is neither an offer to buy nor a solicitation to sell any of the 2025 senior notes. The foregoing does not constitute a notice of redemption under the indenture governing the 2025 senior notes and is qualified in its entirety by the redemption notices distributed to the holders of the 2025 senior notes under such indenture.

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. More information is available at www.MPLX.com.

Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President, Investor Relations
Taryn Erie, Manager, Investor Relations

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

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SOURCE MPLX LP

FAQ

What is the amount of senior notes MPLX is redeeming?

MPLX is redeeming a total of $750 million in senior notes.

When will the MPLX senior notes redemption occur?

The redemption of the senior notes will occur on January 15, 2021.

What is the interest payment associated with the MPLX senior notes?

MPLX will pay a regular interest payment on January 15, 2021, to holders of record.

What price will MPLX redeem the senior notes at?

MPLX will redeem the senior notes at a price of 102.625% of the principal amount.