The credit agreement replaces a 2014 credit agreement and includes a letter of credit for up to $222 million, as well as a swingline loan for up to $100 million. The revolving facility can be increased by up to an additional $500 million.
The facility matures on July 21, 2022 and can be extended for up to two additional years.
According to a related 8-K filing, Wells Fargo Securities, JPMorgan Chase Bank, Barclays Bank, Citigroup Global Markets, Merrill Lynch, Pierce, Fenner & Smith, Mizuho Bank, The Bank of Tokyo-Mitsubishi UFJ and RBC Capital Markets served as joint lead arrangers and joint bookrunners. JPMorgan Chase Bank was syndication agent, and Bank of America, Barclays Bank, Citigroup Global Markets, Mizuho Bank, The Bank of Tokyo-Mitsubishi UFJ and Royal Bank of Canada were documentation agents.
Borrowings bear interest at either adjusted LIBOR plus a margin ranging from 112.5 basis points to 200.0 basis points per annum, depending on MPLX’s credit ratings, or or the Alternate Base Rate plus a margin ranging from 12.5 basis points to 100.0 basis points per annum.
MPLX is a master limited partnership formed in 2012 by Marathon Petroleum to own, operate, develop and acquire midstream energy infrastructure assets. MPLX provides services in the midstream sector across the hydrocarbon value chain through the Logistics and Storage and Gathering and Processing segments.