MPLX LP received about $3.06 billion in valid tenders to exchange senior notes worth up to $3.25 billion issued by its subsidiaries Andeavor Logistics LP and Tesoro Logistics Finance Corp. for new MPLX notes.
Under the exchange offers launched in August, noteholders will get $1,000 principal amount of new MPLX notes and $1 in cash in exchange for each $1,000 principal amount of existing Andeavor notes validly tendered on or before Sept. 5. There was an early participation premium of $30.
According to a Sept. 6 news release, MPLX received about $266.2 million in tenders for the 6.250% senior notes due 2022; $484.2 million for the 3.500% senior notes due 2022; $380.5 million for the 6.375% senior notes due 2024; $707.4 million for the 5.250% senior notes due 2025; $731.5 million for the 4.250% senior notes due 2027; and $486.5 million for the 5.200% senior notes due 2047.
In addition, the subsidiaries secured required consents for all six sets of senior notes to adopt proposed amendments, including the removal of certain covenants.
The exchange offers and consent solicitations will expire Sept. 19, unless extended. The settlement date is expected Sept. 23.
MPLX on July 30 closed its acquisition of Andeavor in a unit-for-unit deal worth about $9 billion in equity value and $14 billion in enterprise value. MPLX is a subsidiary of Marathon Petroleum Corp.
