M&A - MPLX LP

Form Type: 424B5

Filing Date: 2025-03-04

Corporate Action: Acquisition

Type: New

Accession Number: 000119312525045662

Filing Summary: MPLX LP is offering $2,000,000,000 in aggregate principal amount of senior notes to finance the acquisition of a remaining 55% interest in BANGL, LLC, a pipeline system that transports natural gas liquids. The offering consists of $1,000,000,000 of 5.400% Senior Notes due 2035 and $1,000,000,000 of 5.950% Senior Notes due 2055. The notes will have a semi-annual interest payment schedule starting October 1, 2025. The acquisition, which is expected to close in July 2025, will consolidate BANGL into MPLX's financial results. The funds will also be used to repay existing debt, as noted in the use of proceeds section. The notes are unsecured obligations and will be structurally subordinated to the debt of MPLX's subsidiaries, affecting their rank in terms of claims against assets. Prospective investors are advised to consider various risks associated with these securities before investing.

Document Link: View Document

Form Type: 424B5

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000119312525043511

Filing Summary: MPLX LP is offering new senior notes due 2025 as part of a broader financing strategy, including a recent acquisition announcement. This issuance of notes will raise capital for repaying existing debts, including a significant $1,189 million of senior notes due in June 2025, and for general partnership purposes. The acquisition of the remaining 55% interest in BANGL, LLC is highlighted, which will consolidate BANGL's operations and financial results within MPLX's balance sheet upon completion in July 2025. The new notes will be unsecured, ranking equally with MPLX's other senior unsecured debts, but they will be junior to the secured debts. Additionally, there are outlined risks associated with investing in these notes, including market volatility and economic uncertainties.

Document Link: View Document