MPLX LP prices $1.6 billion senior notes offering

FINDLAY, Ohio, Feb. 2, 2023 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $1,600,000,000 in aggregate principal amount of senior notes in an underwritten public offering consisting of $1,100,000,000 aggregate principal amount of 5.000% senior notes due 2033 (the "2033 senior notes") and $500,000,000 aggregate principal amount of 5.650% senior notes due 2053 (the "2053 senior notes"). The 2033 senior notes and 2053 senior notes were offered at a price to the public of 99.170% of par and 99.536% of par, respectively.

MPLX intends to use the net proceeds from this offering to (i) redeem all of its $600 million of Series B preferred units and (ii) repay, redeem or otherwise retire some or all of its $1 billion in aggregate principal amount of 4.500% senior notes due July 2023 (including the portion of such notes for which MarkWest Energy Partners, L.P. is the obligor), and in the interim may use such net proceeds for general partnership purposes.

The closing of this offering is expected to occur on Feb. 9, 2023, subject to satisfaction of customary closing conditions.

J.P. Morgan Securities LLC, BofA Securities, Inc. and MUFG Securities Americas Inc. are acting as joint book-running managers for this offering.

This offering is being made only by means of a prospectus and related prospectus supplement, which may be obtained for free by visiting the Securities and Exchange Commission's website at http://www.sec.gov. Alternatively, copies may be obtained by contacting the following, which are acting as representatives of the underwriters:

J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
Collect: (212) 834-4533

BofA Securities, Inc.
200 North College Street
NC1-004-03-43
Charlotte, NC 28255-0001
Attn: Prospectus Department
Toll-Free: 1 (800) 294-1322
E-mail: [email protected]

MUFG Securities Americas Inc.
1221 Avenue of the Americas, 6th Floor
New York, NY 10020
Toll-Free: (877) 649-6848

This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins.

Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President, Finance and Investor Relations
Brian Worthington, Director
Isaac Feeney, Supervisor

Media Contact: (419) 421-3312
Jamal Kheiry, Communications Manager

SOURCE MPLX LP