What is the primary purpose of the Amended and Restated Distribution Agreement?

The primary purpose of the agreement is to allow MPLX LP to raise capital by issuing and selling up to $500 million of its common units to the public. These sales are structured as 'at-the-market' offerings, providing flexibility in how and when capital is raised.

How will MPLX LP sell its common units under this agreement?

MPLX LP will sell its common units through 'at-the-market' offerings, which means sales will occur at prevailing market prices. These sales can be made through ordinary brokers' transactions on the New York Stock Exchange, other exchanges, or alternative trading systems, offering flexibility in execution.

Who are the sales agents involved in this offering?

The sales agents include J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, and UBS Securities LLC.

What is the maximum amount of capital MPLX LP can raise through this agreement?

MPLX LP can raise up to $500,000,000 through the issuance and sale of its common units under this Amended and Restated Distribution Agreement.

MPLX/MPLXP 8-K SEC Disclosure

Summary

MPLX LP (MPLX) filed an 8-K on March 4, 2016, to report the execution of an Amended and Restated Distribution Agreement. This agreement allows MPLX to issue and sell up to $500 million of its common units through a syndicate of sales agents, including J.P. Morgan, Merrill Lynch, Citigroup, Morgan Stanley, Wells Fargo, and UBS. The sales will be conducted as "at-the-market" offerings, meaning units can be sold at prevailing market prices through various trading venues. This provides MPLX with flexibility to access capital as needed for its growth initiatives. The agreement supersedes a prior distribution agreement from May 18, 2015, and is supported by an existing shelf registration statement.

Key Highlights

1MPLX LP entered into an Amended and Restated Distribution Agreement on March 4, 2016.
2The agreement enables the issuance and sale of up to $500 million in common units.
3Sales will be conducted as "at-the-market" offerings through multiple sales agents.
4This provides MPLX with ongoing access to capital through equity issuances.
5The agreement amends and restates a previous distribution agreement from May 2015.
6The offerings are registered under an existing Form S-3 shelf registration statement.

MPLX LP 8-K Report, Corporate Update (Mar 4, 2016)

Summary

Key Highlights

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