MPLX LP Announces Pricing of Public Offering of 3 Million Common Units
(Thomson Reuters ONE) -
FINDLAY, Ohio, Dec. 3, 2014 - MPLX LP (NYSE: MPLX) today announced that it has
priced its previously announced underwritten public offering of 3,000,000 common
units representing limited partner interests in MPLX at $66.68 per common unit,
pursuant to an effective shelf registration statement on Form S-3 previously
filed with the Securities and Exchange Commission (SEC). In connection with the
offering, MPLX has granted the underwriters a 30-day option to purchase up to
450,000 additional common units. This offering is expected to close on or about
Dec. 8, 2014, subject to customary closing conditions.
MPLX expects to use the net proceeds from this offering, including any net
proceeds received from an exercise of the underwriters' option to purchase
additional common units, to repay borrowings under its revolving credit facility
and for general partnership purposes. After giving effect to the repayment, the
recently announced acquisition of an additional 30.5 percent interest in MPLX
Pipe Line Holdings LP from subsidiaries of Marathon Petroleum Corporation (NYSE:
MPC) will have been funded approximately 50 percent with debt and approximately
50 percent with equity split between common units offered to the public and new
units issued to MPC.
BofA Merrill Lynch, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities,
Barclays, Citigroup, and Morgan Stanley are acting as the joint book-running
managers for the offering. DNB Markets, Fifth Third Securities, MUFG, PNC
Capital Markets LLC and RBS Securities Inc. are acting as co-managers for the
offering.
The offering of these securities is being made only by means of a prospectus and
related prospectus supplement, which may be obtained for free by visiting the
SEC's website at http://www.sec.gov. Alternatively, copies may be obtained by
contacting the following, who are acting as representatives of the underwriters:
BofA Merrill Lynch
Attention: Prospectus Department
222 Broadway
New York, NY 10038
Email: dg.prospectus_requests(at)baml.com
J.P. Morgan
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
(866) 803-9204
UBS Investment Bank
Prospectus Department
299 Park Avenue
New York, NY 10171
(888) 827-7275
Wells Fargo Securities
Attn: Equity Syndicate Dept.
375 Park Avenue
New York, NY 10152
(800) 326-5897
Email: cmclientsupport(at)wellsfargo.com
Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
(888) 603-5847
Email: barclaysprospectus(at)broadridge.com
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Email: prospectus(at)citi.com
Morgan Stanley
Attn: Prospectus Department
180 Varick Street, 2(nd) Floor
New York, NY 10014
(866) 718-1649
Email: prospectus(at)morganstanley.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 fee-based, growth-oriented master limited partnership formed in 2012
by Marathon Petroleum Corporation to own, operate, develop and acquire pipelines
and other midstream assets related to the transportation and storage of crude
oil, refined products and other hydrocarbon-based products. Headquartered in
Findlay, Ohio, MPLX's assets consist of a 99.5 percent equity interest in a
network of common carrier crude oil and products pipeline assets located in the
Midwest and Gulf Coast regions of the United States and a 100 percent interest
in a butane storage cavern located in W.Va. with approximately 1 million barrels
of natural gas liquids storage capacity.
Investor Relations Contacts:
Geri Ewing (419) 421-2071
Teresa Homan (419) 421-2965
Media Contacts:
Angelia Graves (419) 421-2703
This press release contains forward-looking statements within the meaning of
federal securities laws. These forward-looking statements are based on
management's current expectations and relate to, among other things, plans
regarding the use of proceeds from this offering of common units. Such forward-
looking statements are not guarantees of future performance and are subject to
risks, uncertainties and other factors, some of which are beyond the issuer's
control and are difficult to predict. Factors that could cause MPLX actual
results to differ materially from those in the forward-looking statements
include: the adequacy of capital resources and liquidity, including, but not
limited to, availability of sufficient cash flow to pay distributions and
execute on business plans; the timing and extent of changes in commodity prices
and demand for crude oil, refined products, feedstocks or other hydrocarbon-
based products; volatility in and/or degradation of market and industry
conditions; completion of pipeline capacity by competitors; disruptions due to
equipment interruption or failure, including electrical shortages and power grid
failures; the suspension, reduction or termination of MPC's obligations under
commercial agreements with MPLX; the ability to successfully implement growth
strategies, whether through organic growth or acquisitions; modifications to
earnings and distribution growth objectives; state and federal environmental,
economic, health and safety, energy and other policies and regulations; other
risk factors inherent to our industry; and the factors set forth under the
heading "Risk Factors" in MPLX's Annual Report on Form 10-K for the year ended
Dec. 31, 2013, filed with the Securities and Exchange Commission (SEC). In
addition, unpredictable or unknown factors not discussed here or in MPLX's Form
10-K could also have material adverse effects on forward-looking statements.
MPLX Pricing of Common Units:
http://hugin.info/155038/R/1876561/661426.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: MPLX LP via GlobeNewswire
[HUG#1876561]
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