MPLX LP prices $1.0 billion senior notes offering

Rhea-AI Summary

MPLX LP (NYSE: MPLX) has priced $1 billion in senior notes with a 4.950% interest rate due in 2032, offered at 99.433% of par value. The proceeds will be utilized to retire existing 3.500% senior notes due December 2022 and 3.375% senior notes due March 2023, and for general partnership purposes. The closing is expected on August 11, 2022, subject to customary conditions. Barclays Capital, Mizuho Securities, and Wells Fargo Securities are the underwriters for this offering.

Positive

• None.

Negative

• Potentially increases future interest obligations due to higher note rates.
• Refinancing existing debt could indicate previous financial strain.

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: barclaysprospectus@broadridge.com

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: wfscustomerservice@wellsfargo.com

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

View original content:https://www.prnewswire.com/news-releases/mplx-lp-prices-1-0-billion-senior-notes-offering-301601897.html

SOURCE MPLX LP

FAQ

What are the details of MPLX's senior notes offering?

MPLX is offering $1 billion in senior notes due in 2032 at a rate of 4.950%, priced at 99.433% of par.

When is the closing date for MPLX's senior notes offering?

The closing date is expected to be on August 11, 2022, pending customary conditions.

What will MPLX do with the proceeds from the senior notes offering?

The proceeds will be used to retire existing senior notes due in December 2022 and March 2023, and for general partnership purposes.

Who are the underwriters for MPLX's senior notes offering?

The underwriters for this offering include Barclays Capital, Mizuho Securities, and Wells Fargo Securities.