MARATHON PETROLEUM CORPORATION $1.95 Billion Senior Notes Offering
FINDLAY, Ohio, Sept. 2, 2014 - Marathon Petroleum Corporation (NYSE: MPC) announced today that it has priced $1.95 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of three series of senior notes:
- $750 million aggregate principal amount of 3.625 percent senior notes due 2024
- $800 million aggregate principal amount of 4.75 percent senior notes due 2044
- $400 million aggregate principal amount of 5.00 percent senior notes due 2054
The 2024 senior notes, the 2044 senior notes and the 2054 senior notes were offered at a price to the public of 99.641 percent, 98.862 percent and 98.77 percent of par, respectively.
Together with borrowings under the recently announced $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 closing of the senior notes offering is expected to occur on Sept. 5, 2014, subject to satisfaction of customary closing conditions.
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 for the offering.
The offering of these securities 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 www.sec.gov. Alternatively, copies may be obtained by contacting the following, who are acting as representatives of the underwriters:
Mitsubishi UFJ Securities (USA) Inc.
Attention: Capital Markets Group
1633 Broadway
29th Floor
New York, NY 10019
(877) 649-6848
RBS Securities Inc.
Attention: Matthew Schiffman
600 Washington Boulevard
Stamford, CT 06901
(866) 884-2071
Email: Matthew.Schiffman@rbs.com
Citigroup Global Markets Inc.
Attention: Prospectus Department
Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
(800) 831-9146
Email: prospectus@citi.com
Morgan Stanley & Co. LLC
Attention: Prospectus Department
180 Varick Street
2nd Floor
New York, NY 10014
(866) 718-1649
Email: prospectus@morganstanley.com.
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.
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About Marathon Petroleum Corporation
MPC is the nation's fourth-largest refiner, with a crude oil refining capacity of approximately 1.7 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,300 independently owned retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's fourth-largest convenience store chain, with approximately 1,490 convenience stores in nine states. MPC also owns, leases or has ownership interests in approximately 8,300 miles of pipeline. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. MPC's fully integrated system provides operational flexibility to move crude oil, feedstocks and petroleum-related products efficiently through the company's distribution network in the Midwest, Southeast and Gulf Coast regions.
Investor Relations Contact:
Geri Ewing (419) 421-2071
Media Contact:
Angelia Graves (419) 421-2703
This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are based on management's current expectations and relate to, among other things, plans regarding the use of proceeds from this offering of senior notes and the completion by MPC's subsidiary, Speedway LLC, of the acquisition of Hess Retail Holdings LLC. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond MPC's control and are difficult to predict. Any forward-looking projections or statements should be considered in conjunction with the cautionary statements and factors set forth under the heading "Risk Factors" in MPC's Annual Report on Form 10-K for the year ended Dec. 31, 2013, and other reports filed with the SEC. In addition, unpredictable or unknown factors not discussed here or in MPC's SEC filings could also have material adverse effects on forward-looking statements.
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