MPLX LP priced $2.25 billion in senior notes on Aug. 10, 2026, split across three tranches:
- $1.25 billion of 4.700% senior notes due 2029
- $500 million of 5.000% senior notes due 2032
- $500 million of 5.500% senior notes due 2036
The underwritten public offering was announced by the midstream master limited partnership, based in Findlay, Ohio. MPLX said it plans to use the net proceeds to redeem, repay or otherwise extinguish its outstanding $1.25 billion of 4.125% senior notes due March 2027. The rest of the proceeds are earmarked for general partnership purposes, which may include capital expenditures and working capital.
The release is not a notice of redemption for the 2027 notes. Closing is expected to occur on Aug. 24, 2026, subject to customary closing conditions.
TD Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.
MPLX owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. Its holdings include crude oil and refined-product pipelines, an inland marine business, light-product terminals, storage caverns, refinery tanks, docks and loading racks, and crude and light-product marine terminals. The partnership also owns crude oil and natural gas gathering systems and pipelines, along with natural gas and NGL processing and fractionation facilities in key U.S. supply basins.
