Marathon Petroleum Corp. announces redemption of outstanding 5.125% senior notes due 2024
Marathon Petroleum Corp. (NYSE: MPC) is set to redeem all $300 million of its outstanding 5.125% senior notes due April 1, 2024.
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Rhea-AI Summary
Marathon Petroleum Corp. (NYSE: MPC) is set to redeem all $300 million of its outstanding 5.125% senior notes due April 1, 2024. This decision aligns with the company's strategy to decrease long-term structural debt. The notes will be redeemed at 100.854% of the principal amount, plus accrued interest. The portion issued by MPC is expected to be redeemed on June 18, 2021, and the notes obligated by Andeavor LLC on June 1, 2021. This announcement serves as an informational release, not a solicitation to buy or sell the notes.
Positive
- Redemption of $300 million in senior notes reduces long-term debt.
- Strategic financial management demonstrated by planned redemptions.
Negative
- None.
Details
News Market Reaction – MPC
The recorded move for MPC in the trading session of this news was -1.29%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FINDLAY, Ohio, May 19, 2021 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) today announced the redemption of all of the
The 2024 senior notes are being redeemed at a price equal to
This news release is for informational purposes only and is neither an offer to buy nor a solicitation to sell any of the 2024 senior notes. The foregoing does not constitute a notice of redemption under the indentures governing the 2024 senior notes and is qualified in its entirety by the redemption notices distributed to the holders of the 2024 senior notes under such indenture.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President, Investor Relations
Taryn Erie, Manager, Investor Relations
Brian Worthington, Manager, Investor Relations
Media Contacts: (419) 421-3312
Jamal Kheiry, Communications Manager
View original content:http://www.prnewswire.com/news-releases/marathon-petroleum-corp-announces-redemption-of-outstanding-5-125-senior-notes-due-2024--301294671.html
SOURCE Marathon Petroleum Corporation
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