Marathon Petroleum gets $1 billion replacement revolving facility

Chicago, Sept. 28 – Marathon Petroleum Corp. entered into a $1 billion 364-day revolving credit agreement on Sept. 23 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The new facility replaces the company’s previous facility dated July 26, 2019, which was set to expire on Sept. 28.

Interest ranges from Libor plus 137.5 basis points to Libor plus 200 bps, depending on ratings.

The commitment fee ranges from 10 bps to 25 bps, also dependent on credit ratings.

The new facility requires that the company maintain a debt ratio of not more than 0.65x as of the last day of each fiscal quarter.

JPMorgan Chase, Wells Fargo Securities, LLC, Barclays, BofA Securities Inc., Citibank, NA, Mizuho Bank, Ltd., MUFG Bank, Ltd., Royal Bank of Canada and TD Securities (USA) LLC are the joint lead arrangers and joint bookrunners.

Wells Fargo, NA is the syndication agent.

Bank of America, NA, Barclays, Citibank, Mizuho, MUFG, Royal Bank of Canada and TD Securities are the documentation agents.

Marathon Petroleum is a crude oil refiner based in Findlay, Ohio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.