Summary
Marathon Petroleum Corporation (MPC) has established a commercial paper program allowing it to issue unsecured commercial paper notes up to a maximum aggregate amount of $2 billion. This program, effective February 26, 2016, is designed to address the company's short-term liquidity needs. The issuance of these notes is intended to align with MPC's strategic priorities of maintaining its investment-grade credit profile and a strong balance sheet.
Key Highlights
- 1Establishment of a $2 billion commercial paper program.
- 2The program allows for the issuance of unsecured commercial paper notes.
- 3Proceeds will be used to finance short-term liquidity needs.
- 4MPC intends to maintain its investment-grade credit profile and strong balance sheet.
- 5Maturities of the notes can be up to 397 days from the date of issue.
- 6Notes will be issued at a discount or at par with varying interest rates.