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MPLX prices $2B senior note offering

MPLX LP priced an underwritten public offering of $2 billion of senior unsecured notes, composed of $1 billion of floating rate senior notes due 2021 and $1 billion of floating rate senior notes due 2022.

The 2021 notes were priced at par, bearing interest at a floating rate equal to the three-month London interbank offered rate plus 0.900% per annum, reset quarterly. The 2022 notes were also priced at par, with interest at a floating rate equivalent to the three-month Libor plus 1.100% per annum, reset quarterly, according to a Sept. 4 release.

A portion of the proceeds would be used to repay, redeem or otherwise retire the Andeavor Logistics LP 5.500% senior notes due 2019. Awaiting this final use, the partnership would use the proceeds to repay borrowings under its revolver and its intercompany loan agreement with parent company Marathon Petroleum Corp., as well as for general partnership purposes.

The offering is expected to close Sept. 9, subject to customary closing conditions. Citigroup Global Markets Inc., Barclays Capital Inc. and RBC Capital Markets LLC are acting as joint book-running managers for the offering.

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