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FINDLAY, Ohio, Sept 2, 2014 - (ACN Newswire) - Marathon Petroleum Corporation (NYSE: MPC) announced today that it has commenced a public offering of senior notes pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). The offering and the actual terms of the senior notes, including principal amount, interest rate and maturity, will depend on market and other conditions.
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 senior notes are expected to be subject to a special mandatory redemption, which would apply in the event the acquisition is not consummated on or prior to Sept. 30, 2015, or if the purchase agreement is terminated prior to such date other than in connection with the closing of the acquisition and is not otherwise amended or replaced.
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.
This offering will be made only by means of a prospectus and related prospectus supplement, which may be obtained for free by visiting the SEC's website at http://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
+1-877-649-6848
RBS Securities Inc.
Attention: Matthew Schiffman
600 Washington Boulevard
Stamford, CT 06901
+1-866-884-2071
Email: Matthew.Schiffman@rbs.com
Citigroup Global Markets Inc.
Attention: Prospectus Department
Broadridge Financial Solutions1155 Long Island Avenue
Edgewood, NY 11717
+1-800-831-9146
Email: prospectus@citi.com
Morgan Stanley & Co. LLC
Attention: Prospectus Department
180 Varick Street
2nd Floor
New York, NY 10014
+1-866-718-1649
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.
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 +1-419-421-2071
Media Contact:
Jamal Kheiry +1-419-421-3312
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.
MPC Senior Notes Offering
http://hugin.info/147922/R/1853064/647862.pdf
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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Corporation via Globenewswire
Topic: General Announcement
Source: Marathon Petroleum Corporation
https://www.acnnewswire.com
From the Asia Corporate News Network
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