STOCK TITAN

MPLX LP prices $1.6 billion senior notes offering

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

MPLX LP (NYSE: MPLX) has successfully priced a public offering of $1.6 billion in senior notes, comprising $1.1 billion in 5.000% notes due 2033 and $500 million in 5.650% notes due 2053. The 2033 notes are priced at 99.170% of par, while the 2053 notes are at 99.536% of par. Proceeds will be utilized to redeem $600 million in Series B preferred units and repay a portion of $1 billion in 4.500% senior notes due July 2023. The closing of this offering is anticipated on February 9, 2023, contingent upon customary conditions.

Positive
  • Pricing of $1.6 billion in senior notes enhances capital structure.
  • Use of proceeds to redeem higher-cost Series B preferred units will lower interest expenses.
  • Repayment of 4.500% senior notes due July 2023 reduces future financial obligations.
Negative
  • None.

FINDLAY, Ohio, Feb. 2, 2023 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $1,600,000,000 in aggregate principal amount of senior notes in an underwritten public offering consisting of $1,100,000,000 aggregate principal amount of 5.000% senior notes due 2033 (the "2033 senior notes") and $500,000,000 aggregate principal amount of 5.650% senior notes due 2053 (the "2053 senior notes"). The 2033 senior notes and 2053 senior notes were offered at a price to the public of 99.170% of par and 99.536% of par, respectively.

MPLX intends to use the net proceeds from this offering to (i) redeem all of its $600 million of Series B preferred units and (ii) repay, redeem or otherwise retire some or all of its $1 billion in aggregate principal amount of 4.500% senior notes due July 2023 (including the portion of such notes for which MarkWest Energy Partners, L.P. is the obligor), and in the interim may use such net proceeds for general partnership purposes.

The closing of this offering is expected to occur on Feb. 9, 2023, subject to satisfaction of customary closing conditions.

J.P. Morgan Securities LLC, BofA Securities, Inc. and MUFG Securities Americas Inc. 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, which are acting as representatives of the underwriters:

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

BofA Securities, Inc.
200 North College Street
NC1-004-03-43
Charlotte, NC 28255-0001
Attn: Prospectus Department
Toll-Free: 1 (800) 294-1322
E-mail: dg.prospectus_requests@bofa.com

MUFG Securities Americas Inc.
1221 Avenue of the Americas, 6th Floor
New York, NY 10020
Toll-Free: (877) 649-6848

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, Finance and Investor Relations
Brian Worthington, Director
Isaac Feeney, Supervisor

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

Cision View original content:https://www.prnewswire.com/news-releases/mplx-lp-prices-1-6-billion-senior-notes-offering-301737895.html

SOURCE MPLX LP

FAQ

What was the total amount of the senior notes offering by MPLX?

MPLX priced a total of $1.6 billion in senior notes.

What are the terms of the senior notes issued by MPLX?

The offering includes $1.1 billion of 5.000% notes due 2033 and $500 million of 5.650% notes due 2053.

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

The expected closing date for the offering is February 9, 2023.

How will MPLX use the proceeds from the senior notes offering?

MPLX intends to use proceeds to redeem $600 million in Series B preferred units and repay $1 billion in 4.500% senior notes due July 2023.

MPLX LP

NYSE:MPLX

MPLX Rankings

MPLX Latest News

MPLX Stock Data

47.79B
369.36M
63.75%
25.3%
1%
Oil & Gas Midstream
Pipe Lines (no Natural Gas)
Link
United States of America
FINDLAY