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MPLX LP prices $1.65 billion senior notes offering

Published: 2024-05-15 21:45:00 ET

FINDLAY, Ohio, May 15, 2024 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $1.65 billion in aggregate principal amount of 5.50% senior notes due 2034 (the "2034 senior notes") in an underwritten public offering. The 2034 senior notes were offered at a price to the public of 98.778% of par.

MPLX intends to use the net proceeds from this offering to repay, redeem or otherwise retire some or all of (i) MPLX's outstanding $1,149 million aggregate principal amount of 4.875% senior notes due December 2024, (ii) MarkWest's outstanding $1 million aggregate principal amount of 4.875% senior notes due December 2024 and (iii) MPLX's outstanding $500 million aggregate principal amount of 4.000% senior notes due February 2025, and in the interim may use such net proceeds for general partnership purposes.

The closing of this offering is expected to occur on May 20, 2024, subject to satisfaction of customary closing conditions.

Mizuho Securities USA LLC, RBC Capital Markets, LLC and TD Securities (USA) 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, which are acting as representatives of the underwriters:

Mizuho Securities USA LLC1271 Avenue of the AmericasNew York, NY 10020Attn: Debt Capital MarketsToll-Free: 1-866-271-7403

RBC Capital Markets, LLCBrookfield Place200 Vesey Street, 8th FloorNew York, NY 10281Telephone: (866) 375-6829

TD Securities (USA) LLC1 Vanderbilt Avenue, 11th FloorNew York, New York 10017Attn: DCM – Transaction Advisory Toll-Free: (855) 495-9846

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 LPMPLX 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: (419) 421-2071Kristina Kazarian, Vice President Finance and Investor RelationsBrian Worthington, Director, Investor RelationsIsaac Feeney, Supervisor, Investor Relations

Media Contact: (419) 421-3577Jamal Kheiry, Communications Manager

View original content:https://www.prnewswire.com/news-releases/mplx-lp-prices-1-65-billion-senior-notes-offering-302146955.html

SOURCE MPLX LP

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.