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Marathon Petroleum Raises $3B
Marathon Petroleum has raised $3 billion in a sale of debt in three parts in the private placement rule 144a market.
Marathon Petroleumhas raised $3 billion in a sale of debt in three parts in the private placement rule 144a market,The Wall Street Journalreports. The company intends to use the net proceeds to repay intercompany debt, to pay a special distribution to Houston-basedMarathon Oiland for general corporate purposes.
The integrated energy company appointedJP Morgan ChaseandMorgan Stanleyas the joint bookrunning managers for the sale. The $750 million notes are due to mature in five years, the $1 billion notes in 10 years and the $1.25 billion bonds in 30 years.
Click here for the story fromThe Wall Street Journal.
Click here for additional coverage fromBloomberg.