MPLX LP (MPLX) Form 424B5 — Aug 11, 2026
MPLX LP priced a $2.25 billion senior notes offering dated August 10, 2026, in three tranches: $1.25 billion of 4.700% notes due November 1, 2029, $500 million of 5.000% notes due May 1, 2032, and $500 million of 5.500% notes due November 1, 2036, with settlement expected August 24, 2026. Net proceeds of approximately $2,210 million will be used to redeem, repay or otherwise extinguish MPLX's outstanding $1,250 million of 4.125% senior notes due March 2027, with any remainder for general partnership purposes such as capital expenditures and working capital.
Key figures
- Total Debt
- 26005000000
- Debt Amount
- 2250000000
- Cash Position
- 1031000000
- Gross Proceeds
- 2210000000
- Settlement
- August 24, 2026 (T+10)
- Net proceeds
- approximately $2,210 million after underwriting discounts and estimated offering expenses
- Tranche 2029
- $1,250,000,000 at 4.700%, maturing November 1, 2029, priced at 99.312%
- Tranche 2032
- $500,000,000 at 5.000%, maturing May 1, 2032, priced at 98.972%
- Tranche 2036
- $500,000,000 at 5.500%, maturing November 1, 2036, priced at 98.066%
- Adjusted cash
- $1,991 million
- Mpc ownership
- approximately 64% of outstanding common units as of June 30, 2026
- Refinanced notes
- $1,250 million aggregate principal of 4.125% senior notes due March 2027
- Adjusted total debt
- approximately $27,005 million
- Revolving credit facility
- $2.5 billion five-year unsecured revolver dated April 7, 2026, maturing April 7, 2031
- Estimated offering expenses
- approximately $6 million
- Mpc intercompany loan capacity
- $1.5 billion
Price after filing
Close on the filing date to close N calendar days later (from $59.30). Historical, not a forecast.
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