Summary
MPLX LP has entered into a new $2.5 billion, five-year unsecured revolving credit facility, replacing its previous agreement. This new facility, effective April 7, 2026, matures on April 7, 2031, and provides MPLX with significant financial flexibility for general partnership purposes. Notably, there were no outstanding borrowings under the prior agreement, and none are currently drawn under the new facility, indicating a strong liquidity position. MPLX also holds $1.5 billion in cash and cash equivalents as of March 31, 2026. The agreement allows for an optional increase of up to $1.0 billion in commitments and offers flexibility for maturity date extensions. It includes sub-facilities for swing-line loans and letters of credit. Covenants within the agreement, such as a debt-to-EBITDA ratio not exceeding 5.0x (or 5.5x during acquisitions), are considered customary and designed to maintain financial discipline. This proactive refinancing strengthens MPLX's balance sheet and demonstrates its commitment to ensuring robust access to capital.
Key Highlights
- 1MPLX LP secured a new $2.5 billion, five-year unsecured revolving credit facility maturing April 7, 2031.
- 2The new credit agreement replaces the previously existing $2.0 billion 2022 Credit Agreement.
- 3MPLX has the option to increase the credit facility by an additional $1.0 billion, subject to lender consent.
- 4The facility allows for up to two one-year extensions of the maturity date.
- 5There were no outstanding borrowings under the prior agreement and none under the new facility as of the filing date.
- 6MPLX reported $1.5 billion in cash and cash equivalents as of March 31, 2026.
- 7Key financial covenants include a Consolidated Total Debt to Consolidated EBITDA ratio not to exceed 5.0 to 1.0 (or 5.5 to 1.0 during acquisition periods).