MPLX LP released the final results of its previously announced exchange offers of $3.25 billion of senior notes issued by its subsidiaries Andeavor Logistics LP and Tesoro Logistics Finance Corp. for new MPLX-issued notes.
Upon the settlement of the exchange offers and consent solicitations, which is expected by Sept. 23, MPLX will issue new MPLX notes to the holders of the Andeavor notes whose securities were tendered before the end of Sept. 5 in an equal amount; issue new MPLX notes to the holders of the Andeavor notes whose securities were tendered after the early tender date but prior to the expiration date in an aggregate principal amount equal to $970 for each $1,000 aggregate principal amount of Andeavor notes; and pay to the holders of the Andeavor notes a total of about $3.06 million in cash as part of the exchange consideration.
The partnership also issued related consent solicitations to Andeavor and Tesoro to adopt certain amendment in the indentures of their senior notes.
In July, MPLX acquired Andeavor in a unit-for-unit deal worth approximately $9 billion in equity value and $14 billion in enterprise value.
