MPLX LP 8-K

What Happened
MPLX LP announced on April 7, 2026 that it entered into a new $2.5 billion unsecured revolver (the "New MPLX Credit Agreement") with Wells Fargo as administrative agent and a syndicate of banks. The facility matures April 7, 2031, replaces MPLX’s prior $2.0 billion 2022 credit agreement (which was terminated), and is intended for general partnership purposes. There were no borrowings outstanding under the prior agreement at termination, and no borrowings under the new facility as of the filing date. MPLX reported $1.5 billion of cash and cash equivalents as of March 31, 2026.

Key Details

• Facility size and term: $2.5 billion unsecured revolving credit facility, maturity April 7, 2031; MPLX may request an increase of up to $1.0 billion.
• Sub‑facilities: Swing-line loans up to $150 million and letters of credit up to $150 million (may be increased to $200 million with additional commitments).
• Pricing and fees: Commitment fees of 10–25 basis points on unused commitments (rating‑dependent); borrowing rates are either Adjusted Term SOFR + 100–175 bps or Alternate Base Rate + 0–75 bps (rating‑dependent); customary administrative, LOC fronting and reimbursement fees.
• Financial covenant: Consolidated Total Debt / Consolidated EBITDA must not exceed 5.0:1 (5.5:1 during an Acquisition Period), with EBITDA adjustments for certain acquisitions and capital projects.

Why It Matters
This new credit facility secures short‑to‑medium‑term liquidity capacity ($2.5B available, plus an optional $1B accordion) and replaces the prior 2022 revolver, giving MPLX flexibility to fund operations, capital projects or acquisitions without current borrowings. The covenant and pricing are standard financing protections investors watch—leverage limits and interest margins affect how much borrowing capacity MPLX has and at what cost. The reported cash balance ($1.5B at March 31, 2026) plus the undrawn revolver indicate available liquidity for near‑term needs.