MPLX LP registered for sale up to $875.1 million of series A preferred units, as well as common units that can be issued upon conversion of the preferred units by selling unit holders.
The registration includes up to 26,926,930 series A preferred units representing limited partner interests in MPLX at $32.50 per unit, which can be converted into common units, according to a March 8 SEC filing. The selling unit holders have the option to sell the preferred units or common units directly to investors or through agents, at prices and on terms that would depend on market conditions at the time of sale.
The selling unit holders are: Stonepeak Finland SPV LLC, Magnetar Structured Credit Fund LP, MTP Energy Master Fund Ltd., MTP Energy Opportunities Fund II LLC, MTP EOF II IP LLC, Astrum Partners LLC's Series VI, MTP Energy MP LLC, Triangle Peak Partners II LP, TPP II Annex Fund LP, Kayne Anderson MLP/Midstream Investment Co., and Massachusetts Mutual Life Insurance Co.
MPLX, which owns and operates midstream energy infrastructure and logistics assets in key U.S. supply basins, said it will not receive any proceeds from any offering of the series A preferred units or common units by the selling unit holders.
Computershare Trust Co. NA is the registrar and transfer agent for the common units.