MPLX LP Announces Closing of $1 Billion Private Placement of 6.5% Series A Convertible Preferred Units
(Thomson Reuters ONE) -
FINDLAY, Ohio, May 13, 2016 - MPLX LP (NYSE: MPLX) has closed the previously
announced sale of approximately 30.8 million Series A Convertible Preferred
Units representing limited partnership interests in the Partnership (the
"Preferred Units"). Primary investors include funds managed by Stonepeak
Infrastructure Partners, Magnetar Capital, Kayne Anderson Capital Advisors and
The Energy & Minerals Group. The aggregate net proceeds of approximately $984
million from the sale of these Preferred Units will be used for capital
expenditures, repayment of debt, and general partnership purposes. MPLX
previously announced that the combination of some opportunistic equity issuances
in the first quarter and this private placement provides for the partnership's
anticipated funding needs for the remainder of 2016 and into 2017.
The securities offered in the private placement have not been registered under
the Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements of the
Securities Act and applicable state laws.
This press release is neither an offer to sell nor a solicitation of an offer to
purchase the securities described herein.
###
About MPLX LP
MPLX is a diversified, growth-oriented master limited partnership formed in
2012 by Marathon Petroleum Corporation to own, operate, develop and acquire
midstream energy infrastructure assets. We are engaged in the gathering,
processing and transportation of natural gas; the gathering, transportation,
fractionation, storage and marketing of NGLs; and the transportation and storage
of crude oil and refined petroleum products. Headquartered in Findlay, Ohio,
MPLX's assets consist of a network of common carrier crude oil and products
pipeline assets located in the Midwest and Gulf Coast regions of the United
States, an inland marine business, a butane storage cavern located in West
Virginia with approximately 1 million barrels of storage capacity, crude oil and
product storage facilities (tank farms) with approximately 4.5 million barrels
of available storage capacity, a barge dock facility with approximately 78,000
barrels per day of crude oil and product throughput capacity and gathering and
processing assets that include more than 5,000 miles of gas gathering and NGL
pipelines, 53 gas processing plants, 13 NGL fractionation facilities and one
condensate stabilization facility.
Investor Relations Contacts:
Lisa D. Wilson (419) 421-2071
Kevin Hawkins (866) 858-0482
Media Contact:
Chuck Rice (419) 421-2521
Jamal Kheiry (419) 421-3312
Forward-looking statements
This press release contains forward-looking statements within the meaning of
federal securities laws regarding MPLX LP ("MPLX") and Marathon Petroleum
Corporation ("MPC").These forward-looking statements relate to, among other
things, expectations, estimates and projections concerning the business and
operations of MPLX and MPC. You can identify forward-looking statements by words
such as "anticipate," "believe," "design," "estimate," "expect," "forecast,"
"goal," "guidance," "imply," "intend," "objective," "opportunity," "outlook,"
"plan," "position," "pursue," "prospective," "predict," "project," "potential,"
"seek," "strategy," "target," "could," "may," "should," "would," "will" or other
similar expressions that convey the uncertainty of future events or outcomes.
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
companies' control and are difficult to predict. Factors that could cause MPLX's
actual results to differ materially from those implied in the forward-looking
statements include: negative capital market conditions, including a persistence
or increase of the current yield on common units, which is higher than
historical yields, adversely affecting MPLX's ability to meet its distribution
growth guidance; risk that the synergies from the acquisition of MarkWest Energy
Partners, L.P. ("MarkWest") by MPLX may not be fully realized or may take longer
to realize than expected; disruption from the MPLX/MarkWest merger making it
more difficult to maintain relationships with customers, employees or suppliers;
risks relating to any unforeseen liabilities of MarkWest; the adequacy of MPLX's
capital resources and liquidity, including, but not limited to, availability of
sufficient cash flow to pay distributions, and the ability to successfully
execute its business plans and growth strategy; the timing and extent of changes
in commodity prices and demand for crude oil, refined products, feedstocks or
other hydrocarbon-based products; continued/further volatility in and/or
degradation of market and industry conditions; completion of midstream
infrastructure 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 MPLX's commercial
agreements; modifications to earnings and distribution growth objectives; the
level of support from MPC, including drop-downs, alternative financing
arrangements, taking equity units, and other methods of sponsor support, as a
result of the capital allocation needs of the enterprise as a whole and its
ability to provide support on commercially reasonable terms; federal and state
environmental, economic, health and safety, energy and other policies and
regulations; changes to MPLX's capital budget; other risk factors inherent to
MPLX's 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, 2015, filed with
the Securities and Exchange Commission (SEC). Factors that could cause MPC's
actual results to differ materially from those implied in the forward-looking
statements include: risks described above relating to MPLX and the MPLX/MarkWest
merger; changes to the expected construction costs and timing of pipeline
projects; continued/further volatility in and/or degradation of market and
industry conditions; the availability and pricing of crude oil and other
feedstocks; slower growth in domestic and Canadian crude supply; the effects of
the lifting of the U.S. crude oil export ban; completion of pipeline capacity to
areas outside the U.S. Midwest; consumer demand for refined products;
transportation logistics; the reliability of processing units and other
equipment; MPC's ability to successfully implement growth opportunities;
modifications to MPLX earnings and distribution growth objectives; federal and
state environmental, economic, health and safety, energy and other policies and
regulations, including the cost of compliance with the Renewable Fuel Standard;
changes to MPC's capital budget; other risk factors inherent to MPC's industry;
and the factors set forth under the heading "Risk Factors" in MPC's Annual
Report on Form 10-K for the year ended Dec. 31, 2015, filed with the SEC. In
addition, the forward-looking statements included herein could be affected by
general domestic and international economic and political conditions.
Unpredictable or unknown factors not discussed here, in MPLX's Form 10-K or in
MPC's Form 10-K could also have material adverse effects on forward-looking
statements. Copies of MPLX's Form 10-K are available on the SEC website, MPLX's
website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
Copies of MPC's Form 10-K are available on the SEC website, MPC's website at
http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations
office.
MPLX Private Placement Closing:
http://hugin.info/155038/R/2012803/745789.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#2012803]
Datum: 13.05.2016 - 22:17 Uhr
Sprache: Deutsch
News-ID 471104
Anzahl Zeichen: 9205
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