MPC and MPLX enter new $5B and $2B revolvers; MPLX facility cut by $1.5B

Marathon Petroleum Corp

MPC entered $5.0B unsecured revolver due July 2027, replacing prior $5.0B 2018 facility.
MPLX entered $2.0B unsecured revolver due July 2027, replacing prior $3.5B 2019 facility ($1.5B reduction).
Both facilities priced at SOFR+100-175bps (currently 125bps) with 10-25bps commitment fees.
MPC includes $250M swingline and $2.2B LC sublimit; MPLX includes $150M swingline and $150M LC sublimit.
MPC covenant: net debt to capitalization ≤65%; MPLX covenant: debt/EBITDA ≤5.0x (5.5x during acquisitions).

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