MPLX gets amended, restated $3.5 billion five-year revolver

By Sarah Lizee

Olympia, Wash., Aug. 1 – MPLX LP entered into an amended and restated credit agreement on July 26 with Wells Fargo Bank, NA as administrative agent providing for a five-year $3.5 billion revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC, JPMorgan Chase Bank, NA, Barclays Bank plc, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Bank, Ltd., MUFG Bank, Ltd. and Royal Bank of Canada are joint lead arrangers and joint bookrunners. JPMorgan is syndication agent, and Bank of America, NA, Barclays, Citigroup, Mizuho, MUFG and RBC are documentation agents.

The facility amended and restated MPLX's existing credit agreement, dated July 21, 2017, and became effective on Tuesday upon the closing of MPLX’s acquisition of Andeavor Logistics LP.

The revolver includes a $300 million letter-of-credit sublimit and swingline loan capacity of up to $150 million.

There is a $1 billion accordion feature.

The maturity date is July 30, 2024, which may be extended for up to two additional one-year periods.

Interest is Libor plus 100 basis points to 175 bps, depending on credit ratings. It’s currently Libor plus 125 bps.

The commitment fee ranges from 10 bps to 25 bps, also based on ratings. It’s currently 15 bps.

There are affirmative and negative covenants and events of default under the agreement.

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

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