MPLX posts final results in exchange of Andeavor, Tesoro notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 20 – MPLX LP announced the final results of its offer to exchange several series of notes from wholly owned subsidiaries Andeavor Logistics LP and Tesoro Logistics Finance Corp. for up to $3.25 billion of new notes and cash.

As previously reported, the exchange offers began on Aug. 22 concurrently with consent solicitations seeking to make amendments to eliminate certain covenants, restrictive provisions, events of default and the requirement for subsidiaries to make guarantees in the future. MPLX announced the success of the consent solicitations on Sept. 6.

The offers expired at midnight ET at the end of the day on Sept. 19, and the settlement date is expected to be Sept. 23.

The following amounts of the notes were tendered for exchange by the final deadline, according to a Friday update from the company:

• $266,389,000 principal amount, or 88.8%, of the issuers’ $300 million 6.25% notes due Oct. 15, 2022;

• $486,366,000 principal amount, or 97.27%, of their $500 million 3.5% notes due Dec. 1, 2022;

• $380,523,000 principal amount, or 84.56%, of their $450 million 6.375% notes due May 1, 2024;

• $707,663,000 principal amount, or 94.36%, of their $750 million 5.25% notes due Jan. 15, 2025;

• $731,726,000 principal amount, or 97.56%, of their $750 million of 4.25% notes due Dec. 1, 2027; and

• $487,211,000 principal amount, or 97.44%, of their $500 million 5.2% notes due Dec. 1, 2047.

Per $1,000 principal amount of existing notes, the total consideration is $1,000 principal amount of new notes issued by MPLX with the same coupon and maturity date and $1 in cash.

The total consideration will be paid only to holders who tendered by the early tender deadline, 5 p.m. ET on Sept. 5, and includes an early tender premium of $30 principal amount of new notes per $1,000 principal amount of existing notes.

Global Bondholder Services Corp. (866 924-2200 or 212 430-3774) is the exchange agent and information agent.

MPLX is a Findlay, Ohio-based owner, operator and developer of crude oil pipeline and midstream assets.

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