Marathon Petroleum Corp. Prices $2.5 Billion Senior Notes Offering

Source Press Release
Company Marathon Petroleum Corporation 
Tags Debt Financing, Financing
Date April 23, 2020

 Marathon Petroleum Corporation (NYSE: MPC) announced today that it has priced $2.5 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1.25 billion principal amount of 4.500% senior notes due 2023 and $1.25 billion principal amount of 4.700% senior notes due 2025.   

The 2023 senior notes and the 2025 senior notes were offered at a price to the public of 99.941% and 99.805% of par, respectively.

MPC intends to use the net proceeds from this offering to repay amounts outstanding under its five-year revolving credit facility, prefund the repayment of other indebtedness with near term maturities and for general corporate purposes.

The closing of the senior notes offering is expected to occur on April 27, 2020, subject to satisfaction of customary closing conditions.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Mizuho Securities USA LLC are acting as joint book-running managers for the offering.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd