MPLX plans $500 million revolving credit facility following units IPO

By Jennifer Chiou

New York, July 2 - MPLX LP expects to have a revolving credit facility with $500 million of available capacity following the completion of its initial public offering of $365 million of common units representing limited partner interests, according to an S-1 filed with the Securities and Exchange Commission.

MPLX said that it plans to use net proceeds from the offering to fund future capital expenditures.

The Findlay, Ohio, limited partnership was recently formed by Marathon Petroleum Corp. to own, operate, develop and acquire crude oil, refined product and other hydrocarbon-based product pipelines and midstream assets.

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