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Andeavor Logistics strikes $500M loan agreement with parent Marathon Petroleum

Andeavor Logistics LP entered into a loan agreement with parent company Marathon Petroleum Corp. for up to $500 million.

Under the agreement, Marathon may make loans to Andeavor Logistics on a revolving basis at the partnership's request. The agreement's maturity date is Dec. 21, 2023, but Marathon may demand payment at any time before the maturity date.

Andeavor Logistics also made changes to its credit agreements to make borrowings, investments and acquisitions more flexible and to reflect its merger with Marathon, which closed in October. The amendments have no effect on the borrowing capacity available to Andeavor Logistics or on the interest rates.

Bank of America NA acted as administrative agent for the credit agreement.

Andeavor Logistics is engaged in oil and gas terminaling, transportation, gathering and processing businesses. Marathon operates an integrated refining, marketing and transportation system.