Cases & Deals

MPLX completes $3.25 billion of exchange offers and consent solicitations of ANDX Notes

Clients Marathon Petroleum Corporation

Jones Day advised MPLX LP ("MPLX") in connection with its offers to exchange up to $3.25 billion aggregate principal amount of Senior Notes issued by Andeavor Logistics LP ("ANDX") and Tesoro Logistics Finance Corp. ("Finance Corp.") for an equal aggregate principal amount of Senior Notes issued by MPLX. In connection with the offers to exchange, MPLX issued an aggregate principal amount of $266.3 million of 6.250% Senior Notes due 2022, an aggregate principal amount of $486.3 million of 3.500% Senior Notes due 2022, an aggregate principal amount of $380.5 million of 6.375% Senior Notes due 2024, an aggregate principal amount of $707.6 million of 5.250% Senior Notes due 2025, an aggregate principal amount of $731.7 million of 4.250% Senior Notes due 2027, and an aggregate principal amount of $487.1 million of 5.200% Senior Notes due 2047. In addition to the exchange offers, ANDX and Finance Corp. solicited consents to adopt certain proposed amendments to each of the indentures governing the senior notes issued by ANDX and Finance Corp. to eliminate certain of the covenants, restrictive provisions and events of default from such indentures.

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services.

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