MPLX obtains five-year $500 million revolver at Libor plus 150 bps

By Wendy Van Sickle

Columbus, Ohio, Dec. 10 – MPLX LP entered into an agreement with MPC Investment LLC on Dec. 4 for up to $500 million of revolving loans, according to an 8-K filed with the Securities and Exchange Commission.

The loan matures Dec. 4, 2020.

Borrowings bear interest at one-month Libor plus 150 basis points.

Proceeds are to be used for working capital and general partnership purposes.

The loan coincided with the company’s acquisition of MarkWest Energy Partners, LP, a Denver-based company that gathers and transports natural gas, natural gas liquids and crude oil.

MPLX is a master limited partnership formed in 2012 by Marathon Petroleum Corp. to own, operate, develop and acquire pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon-based products. The company is based in Findlay, Ohio.

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