Andeavor Logistics’ 6.875% series A preferreds to be converted to MPLX

Chicago, June 28 – Andeavor Logistics LP announced that the businesses of Andeavor and MPLX LP will be combined pursuant to an agreement and plan of merger in an announcement on Friday.

As a result, each 6.875% series A fixed-to-floating rate cumulative redeemable perpetual preferred unit will be converted into the right to receive a series B preferred unit representing a substantially equivalent limited partner interest in MPLX.

Andeavor is a San Antonio-based marketing, logistics and refining company. Both Andeavor and MPLX are indirect, wholly owned subsidiaries of Marathon Petroleum Corp.

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