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MPLX secures $1B term loan facility

MPLX LP entered into an agreement with a group of lenders for a committed term loan facility of up to $1 billion.

The term loan facility is available to be drawn in up to four separate borrowings, according to a Sept. 27 SEC filing. The Marathon Petroleum Corp. subsidiary plans to use the proceeds to repay outstanding debts and for general partnership purposes.

All amounts borrowed under the agreement are payable Sept. 26, 2021. If not fully used, the term loan commitments would expire 90 days after Sept. 26.

Wells Fargo Bank NA acted as the administrative agent. Wells Fargo Securities LLC, BofA Securities Inc. and Mizuho Bank Ltd. acted as the joint lead arrangers and joint bookrunners for the agreement.

MPLX owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services.