Marathon Petroleum Corp. announces redemption of outstanding 5.375% senior notes due 2022
Marathon Petroleum Corp. (NYSE: MPC) has announced the redemption of $475 million in outstanding senior notes with a 5.375% interest rate, due on October 1, 2022.
Sentiment and the balance of points
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Rhea-AI Summary
Marathon Petroleum Corp. (NYSE: MPC) has announced the redemption of $475 million in outstanding senior notes with a 5.375% interest rate, due on October 1, 2022. The redemption is set for October 1, 2020, at par value. The regular semi-annual interest payment on these notes will also be made on October 1, 2020, to holders of record as of September 15, 2020. This announcement serves as a notification rather than an offer to buy or sell the notes, and the details are further clarified by the official redemption notices from MPC and its subsidiary Andeavor LLC.
Positive
- Redemption of $475 million in senior notes enhances balance sheet strength.
- Regular interest payments to investors maintain trust and confidence.
Negative
- Redemption indicates potential liquidity constraints as funds are allocated to settle debt.
Details
News Market Reaction – MPC
The recorded move for MPC in the trading session of this news was +0.11%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FINDLAY, Ohio, Sept. 1, 2020 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) today announced that it has issued notices of redemption to redeem all of the
This news release is for informational purposes only and is neither an offer to buy nor a solicitation to sell any of the 2022 senior notes. The foregoing does not constitute a notice of redemption under the indentures governing the 2022 senior notes and is qualified in its entirety by the redemption notices issued by MPC and Andeavor LLC.
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. Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. 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 Contact: (419) 421-2071
Kristina Kazarian, Vice President, Investor Relations
Taryn Erie, Manager, Investor Relations
Brian Worthington, Manager, Investor Relations
Media Contacts:
Hamish Banks, Vice President, Corporate Communications (419) 421-2521
Jamal Kheiry, Manager, Corporate Communications (419) 421-3312
View original content:http://www.prnewswire.com/news-releases/marathon-petroleum-corp-announces-redemption-of-outstanding-5-375-senior-notes-due-2022--301122413.html
SOURCE Marathon Petroleum Corporation
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