MPLX) has announced that it has priced $3 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1.5 billion aggregate principal amount of 1.75% senior notes due in 2026 and $1.5 billion aggregate principal amount of 2.65% senior notes due in 2030.” data-reactid=”12″>MPLX LP (MPLX) has announced that it has priced $3 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1.5 billion aggregate principal amount of 1.75% senior notes due in 2026 and $1.5 billion aggregate principal amount of 2.65% senior notes due in 2030.
The 2026 senior notes and 2030 senior notes were offered at a price to the public of 99.785% of par and 99.913% of par, respectively.
MPLX intends to use the net proceeds from the offering to repay debts, including (i) the $1 billion term loan borrowing maturing in 2021, (ii) the $1 billion aggregate principal amount of its floating rate senior notes due 2021, (iii) the $300 million aggregate principal amount of its 6.250% senior notes due 2022 and (iv) the $450 million aggregate principal amount of its 6.375% senior notes due 2024.
Any remaining net proceeds will be used for general partnership purposes, the company adds.
The closing of the senior notes offering is expected to occur on Aug. 18, 2020, subject to satisfaction of customary closing conditions.
price target of $23 (19% upside potential).” data-reactid=”21″>Shares in MPLX are down 24% year-to-date, and the stock scores a cautiously optimistic Moderate Buy Street consensus. That’s with an average analyst price target of $23 (19% upside potential).
TJ Schultz. According to Schultz, MPLX remains on track to deliver positive FCF in 2021 after current distributions.” data-reactid=”22″>“We rate MPLX Outperform based on diversified footprint tied to a large strategic sponsor, attractive current yield, and path to free cash flow” comments RBC Capital analyst TJ Schultz. According to Schultz, MPLX remains on track to deliver positive FCF in 2021 after current distributions.
See MPLX stock analysis on TipRanks).” data-reactid=”23″>He has just reiterated his buy rating on the stock with a $25 price target (29% upside potential), writing “We believe MPLX’s current discount to peers should narrow as visibility on demand impact to MPC’s refinery operations ease.” (See MPLX stock analysis on TipRanks).
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