MPLX to use proceeds to redeem $600 million series B preferreds

By Mary-Katherine Stinson

Lexington, Ky., Feb. 2 – MPLX LP will use proceeds from a planned two-part offering of senior notes to redeem all $600 million of its outstanding series B preferred units at par plus accumulated distributions, according to a 424B5 filing with the Securities and Exchange Commission.

Distributions currently accrue on the liquidation preference of the outstanding series B preferred units at a fixed rate of 6.875% annually. Beginning on Feb. 15, distributions will accrue at a floating distribution rate equal to the sum of Libor plus 465.2 basis points.

Proceeds will also be used to repay, redeem or otherwise retire some or all of MPLX’s and Mark West’s 4.5% senior notes due in July 2023.

MPLX is a Findlay, Ohio-based owner, operator and developer of crude oil pipeline and midstream assets in the United States.

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