MPLX LP prices $2.25 billion senior notes offering
(Thomson Reuters ONE) -
FINDLAY, Ohio, Feb. 7, 2017 - MPLX LP (NYSE: MPLX) has priced $2.25 billion in
aggregate principal amount of unsecured senior notes in an underwritten public
offering consisting of two series of senior notes:
* $1.25 billion aggregate principal amount of 4.125% senior notes due in March
2027; and
* $1.0 billion aggregate principal amount of 5.200% senior notes due in March
2047.
The 2027 senior notes and the 2047 senior notes were offered at a price to the
public of 99.834% and 99.304%, of par, respectively.
MPLX intends to use the net proceeds from this offering for general partnership
purposes, which may include, from time to time, acquisitions (including the
previously announced planned dropdown of assets from our sponsor, Marathon
Petroleum Corporation) and capital expenditures.
The closing of the senior notes offering is expected to occur on Feb. 10, 2017,
subject to satisfaction of customary closing conditions.
Barclays Capital Inc.; Citigroup Global Markets Inc.; MUFG Securities Americas
Inc.; Wells Fargo Securities, LLC; BNP Paribas Securities Corp.; Merrill Lynch,
Pierce, Fenner & Smith Incorporated; Mizuho Securities USA Inc.; RBC Capital
Markets, LLC; SunTrust Robinson Humphrey, Inc.; TD Securities (USA) LLC; UBS
Securities LLC; and U.S. Bancorp Investments, Inc. are acting as joint book-
running managers.
This offering 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:
Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
1-888-603-5847
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
1-800-831-9146
MUFG
1221 Avenue of the Americas, 6th Floor
New York, NY 10020
Attn: Capital Markets Group
1-877-649-6848
Wells Fargo Securities
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
1-800-645-3751
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, 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 one 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 5,600 miles of gas
gathering and NGL pipelines, 54 gas processing plants, 14 NGL fractionation
facilities and two condensate stabilization facilities.
Investor Relations Contacts:
Lisa D. Wilson (419) 421-2071
Doug Wendt (419) 421-2423
Denice Myers (419) 421-2965
Media Contact:
Chuck Rice (419) 421-2521
Katie Merx (419) 672-5159
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, including proposed strategic initiatives. 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; the time,
costs and ability to obtain regulatory or other approvals and consents and
otherwise consummate the strategic initiatives discussed herein and other
proposed transactions; the satisfaction or waiver of conditions in the
agreements governing the strategic initiatives discussed herein and other
proposed transactions; our ability to achieve the strategic and other objectives
related to the strategic initiatives discussed herein and other proposed
transactions; adverse changes in laws including with respect to tax and
regulatory matters; inability to agree with respect to the timing of and value
attributed to assets identified for dropdown; 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; changes to the expected
construction costs and timing of projects; 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 dropdowns, 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; compliance with
federal and state environmental, economic, health and safety, energy and other
policies and regulations and/or enforcement actions initiated thereunder;
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, as amended or
supplemented by subsequent Quarterly Reports on Form 10-Q filed with the SEC.
Factors that could cause MPC's actual results to differ materially from those
implied in the forward-looking statements include: the time, costs and ability
to obtain regulatory or other approvals and consents and otherwise consummate
the strategic initiatives discussed herein; the satisfaction or waiver of
conditions in the agreements governing the strategic initiatives discussed
herein; our ability to achieve the strategic and other objectives related to the
strategic initiatives discussed herein; adverse changes in laws including with
respect to tax and regulatory matters; inability to agree with the MPLX
conflicts committee with respect to the timing of and value attributed to assets
identified for dropdown; changes to the expected construction costs and timing
of 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, and other
risks described above with respect to MPLX; compliance with federal and state
environmental, economic, health and safety, energy and other policies and
regulations, including the cost of compliance with the Renewable Fuel Standard,
and/or enforcement actions initiated thereunder; 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 and Form 10-Qs 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 and Form 10-Qs are available on the SEC website, MPC's website
at http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations
office.
MPLX prices offering:
http://hugin.info/155038/R/2076680/781031.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: MPLX LP via GlobeNewswire
Datum: 07.02.2017 - 22:28 Uhr
Sprache: Deutsch
News-ID 522617
Anzahl Zeichen: 11700
contact information:
Town:
FINDLAY
Kategorie:
Business News
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