MPLX LP announces redemption of senior notes

Published: Aug. 15, 2022 at 10:45 AM EDT

FINDLAY, Ohio, Aug. 15, 2022 /PRNewswire/ -- MPLX LP (NYSE: MPLX) today announced the redemption of (i) all of the $500 million outstanding aggregate principal amount of MPLX's 3.500% senior notes due Dec. 1, 2022 (including the portion of such senior notes issued by Andeavor Logistics LP and Tesoro Logistics Finance Corp.) and (ii) all of the $500 million outstanding aggregate principal amount of MPLX's 3.375% senior notes due March 15, 2023.

The 2022 senior notes are expected to be redeemed on or about Aug. 25, 2022 at a price equal to the greater of par or the make-whole payment calculated in accordance with the terms of the 2022 senior notes, plus accrued and unpaid interest to, but not including, the redemption date.

The 2023 senior notes are expected to be redeemed on or about Sept. 15, 2022 at a price equal to the greater of par or the make-whole payment calculated in accordance with the terms of the 2023 senior notes. The regular semiannual interest payment due on the 2023 senior notes on Sept. 15, 2022, will be paid in the usual manner to holders of record at the close of business on Sept. 1, 2022.

This news release is for informational purposes only and is neither an offer to buy nor a solicitation to sell any of the 2022 senior notes or the 2023 senior notes. The foregoing does not constitute a notice of redemption under the indentures governing the 2022 senior notes and the 2023 senior notes and is qualified in its entirety by the redemption notices distributed to the holders of the 2022 senior notes and 2023 senior notes under such indentures.

About MPLX LP

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.

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