FINDLAY, Ohio, Sept. 2, 2014 - Marathon Petroleum Corporation (NYSE: MPC)
announced today that it has commenced a public offering of senior notes pursuant
to an effective shelf registration statement previously filed with the
Securities and Exchange Commission (SEC). The offering and the actual terms of
the senior notes, including principal amount, interest rate and maturity, will
depend on market and other conditions.
Together with borrowings under the recently announced $700 million term loan,
MPC intends to use the net proceeds from this offering to fund the pending
acquisition of Hess Retail Holdings LLC by its subsidiary, Speedway LLC. The
senior notes are expected to be subject to a special mandatory redemption, which
would apply in the event the acquisition is not consummated on or prior to Sept.
30, 2015, or if the purchase agreement is terminated prior to such date other
than in connection with the closing of the acquisition and is not otherwise
amended or replaced.
Mitsubishi UFJ Securities (USA) Inc., RBS Securities Inc., Citigroup Global
Markets Inc., Morgan Stanley & Co. LLC, Barclays Capital Inc., J.P. Morgan
Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS
Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running
managers.
This offering will be made only by means of a prospectus and related prospectus
supplement, which may be obtained for free by visiting the SEC's website at
http://www.sec.gov. Alternatively, copies may be obtained by contacting the
following, who are acting as representatives of the underwriters:
Mitsubishi UFJ Securities (USA) Inc.
Attention: Capital Markets Group1633 Broadway
29th Floor
New York, NY 10019
(877) 649-6848
RBS Securities Inc.
Attention: Matthew Schiffman600 Washington BoulevardStamford, CT 06901
(866) 884-2071
Email: Matthew.Schiffman@rbs.comCitigroup Global Markets Inc.
Attention: Prospectus Department
Broadridge Financial Solutions1155 Long Island AvenueEdgewood, NY 11717
(800) 831-9146
Email: prospectus@citi.com
Morgan Stanley & Co. LLC
Attention: Prospectus Department
180 Varick Street
2nd Floor
New York, NY 10014
(866) 718-1649
Email: prospectus@morganstanley.com.
This news release shall not constitute an offer to sell or a solicitation of an
offer to buy any securities, nor shall there be any sale of these securities in
any state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state or jurisdiction.
###
About Marathon Petroleum Corporation
MPC is the nation's fourth-largest refiner, with a crude oil refining capacity
of approximately 1.7 million barrels per calendar day in its seven-refinery
system. Marathon brand gasoline is sold through approximately 5,300
independently owned retail outlets across 19 states. In addition, Speedway LLC,
an MPC subsidiary, owns and operates the nation's fourth-largest convenience
store chain, with approximately 1,490 convenience stores in nine states. MPC
also owns, leases or has ownership interests in approximately 8,300 miles of
pipeline. Through subsidiaries, MPC owns the general partner of MPLX LP, a
midstream master limited partnership. MPC's fully integrated system provides
operational flexibility to move crude oil, feedstocks and petroleum-related
products efficiently through the company's distribution network in the Midwest,
Southeast and Gulf Coast regions.
Investor Relations Contact:
Geri Ewing (419) 421-2071
Media Contact:
Jamal Kheiry (419) 421-3312
This press release contains forward-looking statements within the meaning of
federal securities laws. These forward-looking statements are based on
management's current expectations and relate to, among other things, plans
regarding the use of proceeds from this offering of senior notes and the
completion by MPC's subsidiary, Speedway LLC, of the acquisition of Hess Retail
Holdings LLC. Such forward-looking statements are not guarantees of future
performance and are subject to risks, uncertainties and other factors, some of
which are beyond MPC's control and are difficult to predict. Any forward-looking
projections or statements should be considered in conjunction with the
cautionary statements and factors set forth under the heading "Risk Factors" in
MPC's Annual Report on Form 10-K for the year ended Dec. 31, 2013, and other
reports filed with the SEC. In addition, unpredictable or unknown factors not
discussed here or in MPC's SEC filings could also have material adverse effects
on forward-looking statements.
MPC Senior Notes Offering:
http://hugin.info/147922/R/1853064/647862.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Marathon Petroleum Corporation via GlobeNewswire
[HUG#1853064]