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MPLX LP prices issue of USD2.0bn senior notes.

Global Banking News-September 5, 2019-MPLX LP prices issue of USD2.0bn senior notes

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Energy infrastructure company MPLX LP (NYSE:MPLX) revealed on Wednesday that it has priced USD2bn in aggregate principal amount of unsecured senior notes in an underwritten public offering

The USD2bn notes consist of USD1bn aggregate principal amount of floating rate senior notes due 2021 and USD1bn aggregate principal amount of floating rate senior notes due 2022.

According to the company, the 2021 senior notes were offered at a price to the public of 100% of par and will bear interest at a floating rate equal to the three-month LIBOR plus 0.900% per annum, reset quarterly. The 2022 senior notes were offered at a price to the public of 100% of par and will bear interest at a floating rate equal to the three-month LIBOR plus 1.100% per annum, reset quarterly.

Net proceeds from this offering may be used by the company to repay, redeem or otherwise retire the Andeavor Logistics LP 5.500% senior notes due 2019, to repay borrowings under its revolving credit facility and its amended and restated intercompany loan agreement with Marathon Petroleum Corporation, and for general partnership purposes, which may include acquisitions, capital expenditures and the payment of distributions.

Closing of the senior notes offering is expected to occur on 9 September 2019, subject to satisfaction of customary closing conditions.

Citigroup Global Markets Inc, Barclays Capital Inc and RBC Capital Markets LLC are acting as joint book-running managers.

((Distributed via M2 Communications - http://www.m2.com))

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Publication:Global Banking News (GBN)
Date:Sep 5, 2019
Words:263
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