FINDLAY, Ohio, May 19, 2021 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) today announced the redemption of all of the $300 million outstanding aggregate principal amount of its 5.125% senior notes due April 1, 2024, including the portion of such notes for which Andeavor LLC, a wholly-owned subsidiary of MPC, is the obligor. The redemption of the 2024 senior notes is part of MPC's previously announced plans to reduce long-term structural debt.
The 2024 senior notes are being redeemed at a price equal to 100.854% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date. The portion of the 2024 senior notes issued by MPC is expected to be redeemed on June 18, 2021. The portion of the 2024 senior notes for which Andeavor LLC is the obligor is expected to be redeemed on June 1, 2021.
This news release is for informational purposes only and is neither an offer to buy nor a solicitation to sell any of the 2024 senior notes. The foregoing does not constitute a notice of redemption under the indentures governing the 2024 senior notes and is qualified in its entirety by the redemption notices distributed to the holders of the 2024 senior notes under such indenture.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
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SOURCE Marathon Petroleum Corporation