Marathon Petroleum announced it entered into a term loan agreement with a syndicate of lenders. RBS Securities, Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, Citigroup Global Markets and Morgan Stanley Senior Funding served as joint lead arrangers and joint bookrunners.

The term loan was substantially oversubscribed from a group of the lenders who are also participants in MPC’s primary revolving credit facility. The borrowings will mature five years following the funding date and may be prepaid at any time without premium or penalty. Interest on the borrowings will accrue at a rate determined by a grid-based pricing matrix that is dependent upon the company’s credit ratings.

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.