Marathon Petroleum Announces Proposed Offering of Senior Notes
OREANDA-NEWS. Marathon Petroleum Corporation (NYSE: MPC) announced today that it has commenced a public offering of senior notes pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). The offering and the actual terms of the senior notes, including principal amount, interest rate and maturity, will depend on market and other conditions.
Together with borrowings under the recently announced USD 700 million term loan, MPC intends to use the net proceeds from this offering to fund the pending acquisition of Hess Retail Holdings LLC by its subsidiary, Speedway LLC. The senior notes are expected to be subject to a special mandatory redemption, which would apply in the event the acquisition is not consummated on or prior to Sept. 30, 2015, or if the purchase agreement is terminated prior to such date other than in connection with the closing of the acquisition and is not otherwise amended or replaced.
Mitsubishi UFJ Securities (USA) Inc., RBS Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Barclays Capital Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers.
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