MPLX secures new $2.5B revolving credit facility

Q: How much liquidity does MPLX (MPLX) report alongside the new revolver?

MPLX reported $1.5 billion of cash and cash equivalents as of March 31, 2026. It also had no borrowings outstanding under either the terminated 2022 Credit Agreement or the new $2.5 billion revolving credit facility at the time described.

Q: What are the key pricing terms on MPLX’s (MPLX) new credit agreement?

Borrowings under the new facility bear interest at either Adjusted Term SOFR plus 100–175 basis points or an Alternate Base Rate plus 0–75 basis points, depending on MPLX’s credit ratings. Unused commitments incur commitment fees ranging from 10–25 basis points per year.

Q: What leverage covenant applies under MPLX’s (MPLX) new credit facility?

The agreement requires MPLX to keep its ratio of Consolidated Total Debt to Consolidated EBITDA at or below 5.0 to 1.0 at each quarter-end, or 5.5 to 1.0 during an Acquisition Period, using definitions and adjustments specified in the credit agreement.

Q: What sub-facilities are included in MPLX’s (MPLX) new revolving credit agreement?

The facility includes sub-facilities for $150 million of swing-line loans and letters of credit up to $150 million. The letter of credit capacity may be increased to up to $200 million if MPLX obtains additional issuing commitments under the agreement.

MPLX LP entered into a new $2.5 billion unsecured revolving credit agreement maturing on April 7, 2031, intended for general partnership purposes.

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Form Type

8-K

Rhea-AI Filing Summary

MPLX LP entered into a new $2.5 billion unsecured revolving credit agreement maturing on April 7, 2031, intended for general partnership purposes. This New MPLX Credit Agreement replaces the prior $2.0 billion 2022 credit facility, which was terminated with no borrowings outstanding.

The facility has a $2.5 billion commitment with the option to increase commitments by up to an additional $1.0 billion, subject to lender consent. It includes sub-facilities for $150 million of swing-line loans and up to $150 million of letters of credit, which may be increased to $200 million.

Borrowings accrue interest at either Adjusted Term SOFR plus 100–175 basis points or an Alternate Base Rate plus 0–75 basis points, depending on MPLX’s credit ratings. MPLX must keep its ratio of Consolidated Total Debt to Consolidated EBITDA at or below 5.0x, or 5.5x during an Acquisition Period. As of March 31, 2026, MPLX reported $1.5 billion of cash and cash equivalents and no borrowings under the new facility.

Insights

MPLX refinances and upsizes its revolving credit capacity with longer tenor.

MPLX replaced its $2.0 billion 2022 revolver with a new $2.5 billion unsecured revolving credit facility maturing on April 7, 2031. The agreement is intended for general partnership purposes and currently has no borrowings outstanding, alongside $1.5 billion of cash as of March 31, 2026.

Pricing is linked to credit ratings, with borrowings at Adjusted Term SOFR plus 100–175 basis points or an Alternate Base Rate plus 0–75 basis points, plus commitment fees of 10–25 basis points on unused commitments. A key covenant caps the Consolidated Total Debt to Consolidated EBITDA ratio at 5.0x, or 5.5x during an Acquisition Period, helping to frame leverage tolerance.

The facility can be increased by up to $1.0 billion subject to lender consent and allows two potential one-year maturity extensions with majority-lender approval. Future disclosures in company filings may provide more detail on revolver usage relative to available liquidity and covenant headroom.

8-K Event Classification

5 items: 1.01, 1.02, 2.02, 2.03, 9.01

5 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 1.02 Termination of a Material Definitive Agreement Business

A significant contract was terminated, which may affect business operations or revenue.

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revolving credit facility size: $2.5 billion Prior revolver size: $2.0 billion Cash and cash equivalents: $1.5 billion +5 more

8 metrics

Revolving credit facility size $2.5 billion New MPLX Credit Agreement total unsecured commitments

Prior revolver size $2.0 billion 2022 Credit Agreement replaced and terminated

Cash and cash equivalents $1.5 billion As of March 31, 2026

Maturity date April 7, 2031 Stated maturity of new revolving credit facility

Accordion option $1.0 billion Potential increase in aggregate commitments with lender consent

Leverage covenant 5.0x / 5.5x Consolidated Total Debt to Consolidated EBITDA; higher limit in Acquisition Period

Swing-line sub-facility $150.0 million Maximum swing-line loans under new revolver

Letter of credit capacity $150.0–$200.0 million LC sub-facility, expandable with additional issuing commitments

Key Terms

Revolving Credit Agreement, Consolidated Total Debt, Consolidated EBITDA, Acquisition Period, +2 more

6 terms

Revolving Credit Agreement financial

"entered into a $2.5 billion, five-year Revolving Credit Agreement with Wells Fargo Bank"

A revolving credit agreement is a flexible loan arrangement where a borrower can borrow, repay, and borrow again up to a set limit, similar to a credit card. It matters because it gives businesses or individuals quick access to funds whenever needed, helping manage cash flow and cover expenses without applying for a new loan each time.

Consolidated Total Debt financial

"requires MPLX’s ratio of Consolidated Total Debt to Consolidated EBITDA"

Consolidated EBITDA financial

"Consolidated Total Debt to Consolidated EBITDA for the four prior fiscal quarters"

Consolidated EBITDA is a measure of a parent company’s total operating earnings across all its subsidiaries, calculated before interest, taxes, depreciation and amortization (non‑cash charges). It shows the group’s raw cash‑generation and operating performance independent of financing and accounting choices, so investors use it like comparing the horsepower of an entire fleet rather than individual cars to judge core profitability and to compare firms on a more even footing.

Acquisition Period financial

"5.5 to 1.0 during an Acquisition Period"

Adjusted Term SOFR financial

"either (i) the Adjusted Term SOFR plus a margin ranging from 100.0 basis points"

Adjusted term SOFR is a forward‑looking interest benchmark based on short‑term overnight Treasury repo rates, with a small extra amount added to reflect differences from legacy rates. Think of it as a quoted price that has been nudged to make payments comparable to older benchmarks; it matters to investors because it directly influences borrowing costs, bond yields and cash‑flow forecasts, affecting valuations and hedging outcomes.

Alternate Base Rate financial

"or (ii) the Alternate Base Rate plus a margin ranging from 0.0 basis points"

FAQ

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

What new credit facility did MPLX (MPLX) enter into on April 7, 2026?

MPLX entered into a new unsecured revolving credit agreement for $2.5 billion maturing on April 7, 2031. The facility is intended for general partnership purposes and replaces the prior $2.0 billion 2022 credit agreement that was terminated with no borrowings outstanding.

How much liquidity does MPLX (MPLX) report alongside the new revolver?

MPLX reported $1.5 billion of cash and cash equivalents as of March 31, 2026. It also had no borrowings outstanding under either the terminated 2022 Credit Agreement or the new $2.5 billion revolving credit facility at the time described.

What are the key pricing terms on MPLX’s (MPLX) new credit agreement?

Borrowings under the new facility bear interest at either Adjusted Term SOFR plus 100–175 basis points or an Alternate Base Rate plus 0–75 basis points, depending on MPLX’s credit ratings. Unused commitments incur commitment fees ranging from 10–25 basis points per year.

What leverage covenant applies under MPLX’s (MPLX) new credit facility?

The agreement requires MPLX to keep its ratio of Consolidated Total Debt to Consolidated EBITDA at or below 5.0 to 1.0 at each quarter-end, or 5.5 to 1.0 during an Acquisition Period, using definitions and adjustments specified in the credit agreement.

Can MPLX (MPLX) increase the size or extend the maturity of the new revolver?

MPLX may increase aggregate lender commitments by up to an additional $1.0 billion, subject to lender consent. It can also request up to two one-year maturity extensions, requiring approval from lenders holding a majority of commitments, with non-consenting lenders’ commitments ending at the prior maturity.

What sub-facilities are included in MPLX’s (MPLX) new revolving credit agreement?

The facility includes sub-facilities for $150 million of swing-line loans and letters of credit up to $150 million. The letter of credit capacity may be increased to up to $200 million if MPLX obtains additional issuing commitments under the agreement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/13/2026 - 04:52 PM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

FORM 8-K

_____________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 7, 2026

_____________________________________________

MPLX LP

(Exact name of registrant as specified in its charter)

_____________________________________________


Delaware	001-35714	27-0005456
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

200 E. Hardin Street, Findlay, Ohio 45840

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (419) 422-2121

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant

under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Units Representing Limited Partnership Interests	MPLX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of

1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period

for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐


Item 1.01	Entry into a Material Definitive Agreement.

On April 7, 2026, MPLX LP, a Delaware master limited partnership (“MPLX”), entered into a $2.5 billion, five-year Revolving

Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, each of Wells Fargo Securities, LLC,

JPMorgan Chase Bank, N.A., Barclays Bank PLC, BofA Securities, Inc., Citibank, N.A., Goldman Sachs Banks USA, Mizuho

Bank, Ltd., MUFG Bank, Ltd., RBC Capital Markets, Sumitomo Mitsui Banking Corporation and TD Securities (USA) LLC, as

joint lead arrangers and joint bookrunners, JPMorgan Chase Bank, N.A., as syndication agent, each of Bank of America, N.A.,

Barclays Bank PLC, Citibank, N.A., Goldman Sachs Bank USA, Mizuho Bank, Ltd., MUFG Bank, Ltd., Royal Bank of Canada,

Sumitomo Mitsui Banking Corporation and The Toronto-Dominion Bank, New York Branch, as documentation agents, and the

other lenders and issuing banks that are parties thereto (the “New MPLX Credit Agreement”).

The New MPLX Credit Agreement replaces the previously effective 2022 Credit Agreement (as defined below) and is intended to

be used for general partnership purposes. There were no borrowings outstanding under the 2022 Credit Agreement at the time of

its termination, and as of the date hereof, there are no borrowings outstanding under the New MPLX Credit Agreement. As of

March 31, 2026, MPLX had $1.5 billion of cash and cash equivalents.

The New MPLX Credit Agreement provides for a $2.5 billion unsecured revolving credit facility that matures on April 7, 2031.

MPLX has an option to increase the aggregate commitments by up to an additional $1.0 billion, subject to, among other

conditions, the consent of the lenders whose commitments would be increased. In addition, MPLX may request up to two one-

year extensions of the maturity date of the New MPLX Credit Agreement subject to, among other conditions, the consent of

lenders holding a majority of the commitments, provided that the commitments of any non-consenting lenders will terminate on

the then-effective maturity date. The New MPLX Credit Agreement includes sub-facilities for swing-line loans of up to $150.0

million and letters of credit of up to $150.0 million (which may be increased to up to $200.0 million upon receipt of additional letter

of credit issuing commitments).

Commitment fees ranging from 10.0 basis points to 25.0 basis points per annum, depending on MPLX’s credit ratings, accrue on

the unused commitments under the New MPLX Credit Agreement. Borrowings under the New MPLX Credit Agreement bear

interest, at MPLX’s election, at either (i) the Adjusted Term SOFR (as defined in the New MPLX Credit Agreement) plus a margin

ranging from 100.0 basis points to 175.0 basis points per annum, depending on MPLX’s credit ratings or (ii) the Alternate Base

Rate (as defined in the New MPLX Credit Agreement) plus a margin ranging from 0.0 basis points to 75.0 basis points per

annum, depending on MPLX’s credit ratings.

The New MPLX Credit Agreement contains representations and warranties, affirmative and negative covenants and events of

default that MPLX considers customary for an agreement of its nature and type, including a covenant that requires MPLX’s ratio

of Consolidated Total Debt (as defined in the New MPLX Credit Agreement) to Consolidated EBITDA (as defined in the New

MPLX Credit Agreement) for the four prior fiscal quarters not to exceed 5.0 to 1.0 as of the last day of each fiscal quarter (or 5.5

to 1.0 during an Acquisition Period (as defined in the New MPLX Credit Agreement)). Consolidated EBITDA is subject to

adjustments for certain acquisitions completed and capital projects undertaken during the relevant period. In addition to

commitment fees and interest charges, MPLX agreed to pay administrative fees, letter of credit fronting fees and other customary

fees and to reimburse certain expenses of the lenders and agents incurred in connection with the New MPLX Credit Agreement.

Certain parties to the New MPLX Credit Agreement have in the past performed, and may in the future from time to time perform,

investment banking, financial advisory, lending or commercial banking services for MPLX and its subsidiaries and affiliates, for

which they have received, and may in the future receive, customary compensation and reimbursement of expenses.

The above description of the material terms and conditions of the New MPLX Credit Agreement does not purport to be complete

and is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.1 hereto and

incorporated by reference herein.


Item 1.02	Termination of a Material Definitive Agreement.

The New MPLX Credit Agreement replaced MPLX’s previously existing $2.0 billion credit agreement, dated as of July 7, 2022

(the “2022 Credit Agreement”), by and among MPLX, Wells Fargo Bank, National Association, as administrative agent, and the

various other commercial lending institutions that were party thereto. The 2022 Credit Agreement was terminated in connection

with and as a condition to the availability of the lending and credit commitments under the New MPLX Credit Agreement. A

summary of the material terms of the 2022 Credit Agreement may be found in the Current Report on Form 8-K filed by MPLX on

July 12, 2022, which summary is incorporated herein by reference.


Item 2.02	Results of Operations and Financial Condition.

The information set forth in Item 1.01 of this Current Report on Form 8-K with respect to MPLX’s preliminary estimate of its cash

and cash equivalents as of March 31, 2026, is incorporated herein by reference. Such information is unaudited and preliminary

and does not present all information necessary for an understanding of the MPLX’s results of operations for the quarter ended

March 31, 2026.

Information in this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934,

as amended (the “ Exchange Act ”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933,

as amended, or the Exchange Act except as otherwise expressly stated in such a filing.


Item 2.03	Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.


Item 9.01	Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number		Description


10.1#		Revolving Credit Agreement, dated as of April 7, 2026, by and among MPLX LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, each of Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Barclays Bank PLC, BofA Securities, Inc., Citibank, N.A., Goldman Sachs Bank USA, Mizuho Bank, Ltd., MUFG Bank, Ltd., RBC Capital Markets, Sumitomo Mitsui Banking Corporation and TD Securities (USA) LLC, as joint lead arrangers and joint bookrunners, JPMorgan Chase Bank, N.A., as syndication agent, each of Bank of America, N.A., Barclays Bank PLC, Citibank, N.A., Goldman Sachs Bank USA, Mizuho Bank, Ltd., MUFG Bank, Ltd., Royal Bank of Canada, Sumitomo Mitsui Banking Corporation and The Toronto-Dominion Bank, New York Branch, as documentation agents, and the other lenders and issuing banks that are parties thereto
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

# Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted

schedule or exhibit will be furnished to the Securities and Exchange Commission upon request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on

its behalf by the undersigned hereunto duly authorized.


	MPLX LP

	By:	MPLX GP LLC, its General Partner


Date: April 13, 2026	By:	/s/ Molly R. Benson
		Name: Molly R. Benson
		Title: Chief Legal Officer and Corporate Secretary

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

EX-10.1 EX-10.1 3.4 MB

MPLX secures new $2.5B revolving credit facility

Rhea-AI Filing Summary