Summary
This 8-K filing from MPLX LP, filed on December 15, 2014, details transactions related to the issuance of common units and the General Partner's corresponding unit purchases to maintain its 2% interest. Specifically, it addresses two instances: the issuance of 2,924,104 common units to MPLX Logistics Holdings LLC and a public offering of 3,450,000 common units. In both scenarios, MPLX GP LLC, the General Partner, acquired a proportional number of general partner units to preserve its 2% ownership stake in the Partnership. The total cash paid by the General Partner for these units amounted to over $8.7 million. These transactions were conducted under an exemption from registration, indicating they were not subject to the full registration requirements of the Securities Act of 1933, which is a standard practice for related-party or private issuances.
Key Highlights
- 1MPLX GP LLC (General Partner) purchased general partner units on December 10, 2014, to maintain its 2% interest in MPLX LP.
- 2These purchases were made in conjunction with two separate issuances of MPLX common units: one to MPLX Logistics Holdings LLC and another via a public offering.
- 3The General Partner acquired 59,676 general partner units for $4,081,631.45 in relation to the issuance to MPLX Logistics Holdings LLC.
- 4The General Partner acquired 70,408 general partner units for $4,694,816.33 in relation to the public offering of common units.
- 5The total cash outlay by the General Partner for these unit purchases was approximately $8.776 million.
- 6The general partner units were issued under an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933.