Debt

9 Months Ended

Sep. 30, 2019

DEBT

Our outstanding borrowings at September 30, 2019 and December 31, 2018 consisted of the following:



(In millions)	September 30, 2019			December 31, 2018
Marathon Petroleum Corporation	$	9,174		$	9,114
MPLX LP	20,120			13,856
ANDX^(a)	—			5,010
Total debt	$	29,294		$	27,980
Unamortized debt issuance costs	(137		)	(128		)
Unamortized discount	(318		)	(328		)
Amounts due within one year	(557		)	(544		)
Total long-term debt due after one year	$	28,282		$	26,980


^(a)	On July 30, 2019, MPLX acquired ANDX and assumed its debt obligations. See Note 3 and the discussion below for additional information. The ANDX December 31, 2018 balance includes senior notes of $3,750 million, borrowings under the revolving and dropdown credit facilities of $1,245 million and capital leases of $15 million.

Available Capacity under our Facilities



(Dollars in millions)	Total Capacity		Outstanding Borrowings		Outstanding Letters of Credit		Available Capacity		Weighted Average Interest Rate		Expiration
MPC 364-day bank revolving credit facility	$	1,000	$	—	$	—	$	1,000	—		September 2020
MPC bank revolving credit facility	5,000		—		1		4,999		—		October 2023
MPC trade receivables securitization facility	750		—		—		750		—		July 2021
MPLX bank revolving credit facility	3,500		—		3		3,497		—		July 2024
MPLX term loan facility	1,000		500		—		500		2.795	%	September 2021

MPC 364-Day Bank Revolving Credit Facility

On July 26, 2019, we entered into a new $1 billion 364-day revolving credit facility with a syndicate of banks that become effective upon the expiration of our existing $1 billion 364-day revolving credit facility in September 2019. The new 364-day revolving credit facility contains substantially the same terms and conditions as our existing 364-day revolving credit facility and will expire in September 2020.

MPC Trade Receivables Securitization Facility

On July 19, 2019, we amended our $750 million trade receivables securitization facility to extend the maturity date to July 16, 2021.

MPLX Credit Agreement

Upon the completion of the merger of MPLX and ANDX on July 30, 2019, the MPLX bank revolving credit facility was amended and restated to increase the borrowing capacity to $3.5 billion and to extend the maturity date to July 30, 2024. The ANDX revolving and dropdown credit facilities were terminated and all outstanding balances were repaid and funded with the new $3.5 billion bank revolving credit facility.

MPLX Term Loan

On September 26, 2019, MPLX entered into a term loan agreement with a syndicate of lenders providing for borrowings up to $1 billion available to be drawn in up to four separate borrowings. If not fully utilized, the term loan commitments expire 90 days after September 26, 2019. Borrowings under the term loan agreement bear interest, at MPLX’s election, at either the Adjusted LIBO Rate (as defined in the term loan agreement) plus a margin or the Alternate Base Rate (as defined in the term loan agreement) plus a margin. The applicable margin to the benchmark interest rates fluctuate from time-to-time based on our credit ratings. The proceeds from borrowings under the term loan agreement are to be used to fund the repayment of MPLX’s existing indebtedness and/or for general business purposes. The term loan agreement matures on September 26, 2021 and may be prepaid at any time without premium or penalty.

The term loan agreement contains representations and warranties, affirmative and negative covenants and events of default that we consider to be customary for an agreement of this type and are substantially similar to MPLX’s existing revolving credit facility, including a covenant that requires MPLX’s ratio of Consolidated Total Debt to Consolidated EBITDA (as both terms are defined in the Term Loan Agreement) for the four prior fiscal quarters not to exceed 5.0 to 1.0 as of the last day of each fiscal quarter (or during the six-month period following certain acquisitions, 5.5 to 1.0). Consolidated EBITDA is subject to adjustments for certain acquisitions completed and capital projects undertaken during the relevant period.

MPLX Floating Rate Senior Notes

On September 9, 2019, MPLX issued $2 billion aggregate principal amount of floating rate senior notes in a public offering, consisting of $1 billion aggregate principal amount of notes due September 2021 and $1 billion aggregate principal amount of notes due September 2022. The proceeds were used to repay various outstanding MPLX borrowings and for general business purposes. Interest is payable quarterly in March, June, September and December, commencing on December 9, 2019. The interest rate applicable to the floating rate senior notes due September 2021 is LIBOR plus 0.9% while the interest rate applicable to the floating rate senior notes due September 2022 is LIBOR plus 1.1%.

MPLX Senior Notes

In connection with the merger of MPLX and ANDX, MPLX assumed ANDX’s outstanding senior notes which had an aggregate principal amount of $3.75 billion, with interest rates ranging from 3.5% to 6.375% and maturity dates ranging from 2019 to 2047. On September 23, 2019, approximately $3.06 billion aggregate principal amount of ANDX’s outstanding senior notes were exchanged for new unsecured senior notes issued by MPLX having the same maturity and interest rates as the ANDX senior notes in an exchange offer and consent solicitation undertaken by MPLX, leaving approximately $690 million aggregate principal of outstanding senior notes held by ANDX. Of this, $500 million was related to the 5.5% unsecured senior notes due 2019. The principal amount of $500 million and accrued interest of $14 million was paid on October 15, 2019 and includes interest through the payoff date.