MPLX LP prices $2.0 billion senior notes offering

MPLX LP (NYSE: MPLX) has announced pricing of a $2.0 billion senior notes offering, consisting of two tranches: $1.0 billion of 5.400% senior notes due 2035 and $1.0 billion of 5.950% senior notes due 2055.

Rhea-AI Summary

MPLX LP (NYSE: MPLX) has announced pricing of a $2.0 billion senior notes offering, consisting of two tranches: $1.0 billion of 5.400% senior notes due 2035 and $1.0 billion of 5.950% senior notes due 2055.

The proceeds will be used to:

• Repay or retire $1,189 million of 4.875% senior notes due June 2025
• Repay or retire MarkWest's $11 million of 4.875% senior notes due June 2025
• General partnership purposes

The offering is expected to close on March 10, 2025, with BofA Securities, Barclays Capital, and J.P. Morgan Securities acting as joint book-running managers.

Positive

• Refinancing of existing debt at longer maturities (2035 and 2055)
• Strong institutional backing with major banks as book-runners
• Successful large-scale debt offering indicating market confidence

Negative

• Higher interest rates on new notes (5.400% and 5.950%) compared to retiring notes (4.875%)
• Increased long-term debt obligations

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FINDLAY, Ohio, March 3, 2025 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $2.0 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1.0 billion aggregate principal amount of 5.400% senior notes due 2035 and $1.0 billion aggregate principal amount of 5.950% senior notes due 2055.

MPLX intends to use the net proceeds from this offering to (i) repay, redeem or otherwise retire some or all of MPLX's outstanding $1,189 million aggregate principal amount of 4.875% senior notes due June 2025, (ii) repay, redeem or otherwise retire some or all of MarkWest's outstanding $11 million aggregate principal amount of 4.875% senior notes due June 2025 and (iii) for general partnership purposes.

The closing of this offering is expected to occur on March 10, 2025, subject to satisfaction of customary closing conditions.

BofA Securities, Inc., Barclays Capital Inc. and J.P. Morgan Securities 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:

BofA Securities, Inc.
201 North Tryon Street
NC1-022-02-25
Charlotte, North Carolina 28255-0001
Attn: Prospectus Department
Toll-free: 1-800-294-1322
E-mail: dg.prospectus_requests@bofa.com

Barclays Capital Inc.
1155 Long Island Avenue
Edgewood, New York 11717
Attn: Broadridge Financial Solutions
Toll-Free: 1-888-603-5847
E-mail: barclaysprospectus@broadridge.com

J.P. Morgan Securities LLC
1155 Long Island Avenue
Edgewood, New York 11717
Attn: Broadridge Financial Solutions
E-mail: prospectus-eq_fi@jpmchase.com; postsalemanualrequests@broadridge.com

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.

About MPLX LP
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins.

Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations

Media Contact: (419) 421-3577
Jamal Kheiry, Communications Manager

View original content:https://www.prnewswire.com/news-releases/mplx-lp-prices-2-0-billion-senior-notes-offering-302390698.html

SOURCE MPLX LP

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the size and structure of MPLX's March 2025 senior notes offering?

MPLX's offering totals $2.0 billion, split between $1.0 billion of 5.400% notes due 2035 and $1.0 billion of 5.950% notes due 2055.

How will MPLX use the proceeds from its $2.0 billion notes offering?

MPLX will use proceeds to retire $1,189 million of 4.875% notes and MarkWest's $11 million notes (both due June 2025), plus general partnership purposes.

What are the interest rates for MPLX's new senior notes?

The 2035 notes carry a 5.400% interest rate, while the 2055 notes have a 5.950% interest rate.

When is MPLX's new senior notes offering expected to close?

The offering is expected to close on March 10, 2025, subject to customary closing conditions.