MPLX LP (MPLX) Prices $1.65B Notes Offering

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 LLC
1271 Avenue of the Americas
New York, NY 10020
Attn: Debt Capital Markets
Toll-Free: 1-866-271-7403

RBC Capital Markets, LLC
Brookfield Place
200 Vesey Street, 8th Floor
New York, NY 10281
Telephone: (866) 375-6829

TD Securities (USA) LLC
1 Vanderbilt Avenue, 11th Floor
New York, New York 10017
Attn: 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.

You May Also Be Interested In