MPLX to repay term loan borrowings via new note offering proceeds

By Tali Rackner

Minneapolis, Feb. 5 – MPLX LP plans to repay the $4.1 billion term loan borrowing made under its term loan agreement using proceeds from new senior note offerings, according to a 424B5 filing with the Securities and Exchange Commission.

As of Feb. 1, $4.1 billion of debt was outstanding under the term loan agreement, which matures on Dec. 31, 2018, roughly $508 million of debt was outstanding under the revolving credit facility, which matures on July 21, 2022, and about $431 million of debt was outstanding under the MPC intercompany loan, which matures on Dec. 4, 2020.

MPLX is a master limited partnership formed in 2012 by Marathon Petroleum to own, operate, develop and acquire midstream energy infrastructure assets. Marathon Petroleum is an oil refiner. Both are based in Findlay, Ohio.

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