secwatch.observer — SEC 8-K summary
======================================

Issuer:     Marathon Petroleum Corp (MPC)
CIK:        0001510295
Form:       8-K
Filed at:   2022-07-12T23:59:59+00:00
Accession:  0001510295-22-000054
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1510295/000151029522000054/0001510295-22-000054-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1510295/000151029522000054/mpc-20220707.htm
  HTML page:      https://secwatch.observer/filing/0001510295-22-000054

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer