Marathon Petroleum Corp. (NYSE: MPC) has priced $1.5 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of three series of senior notes:

  • $600 million aggregate principal amount of 2.700% senior notes due in 2018
  • $650 million aggregate principal amount of 3.400% senior notes due in 2020
  • $250 million aggregate principal amount of 5.850% senior notes due in 2045

The 2018 senior notes, the 2020 senior notes and the 2045 senior notes were offered at a price to the public of 99.920%, 99.872% and 99.747%, of par, respectively.

MPC intends to use the net proceeds from this offering to fund the repayment of all $750 million aggregate principal amount of its 3.5% senior notes due 2016, at maturity or otherwise, and for general corporate purposes, which may include investments in and advances to its affiliates and subsidiaries, including MPLX LP.

The closing of the senior notes offering is expected to occur on Dec. 14, 2015, subject to satisfaction of customary closing conditions.

J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Goldman, Sachs & Co.; and Mizuho Securities USA Inc. are acting as joint book-running managers for the offering.