Subsequent Events

3 Months Ended

Mar. 31, 2020

SUBSEQUENT EVENTS

Subsequent to the end of the quarter, we completed a number of financing activities to enhance our liquidity as described below.

Additional MPC 364-Day Bank Revolving Credit Facility

On April 27, 2020, MPC entered into a credit agreement with a syndicate of lenders providing for an additional $1 billion 364-day revolving credit facility. The credit agreement for the additional 364-day revolving credit facility contains representations and warranties, affirmative and negative covenants and events of default that we consider customary for agreements of their nature and type and substantially similar to those contained in our existing $5.0 billion five-year revolving credit facility and $1.0 billion 364-day revolving credit facility.

MPC Senior Notes Issuance

On April 27, 2020, we closed on the issuance of $2.5 billion in aggregate principal amount of senior notes in a public offering, consisting of $1.25 billion aggregate principal amount of 4.500 percent unsecured senior notes due May 2023 and $1.25 billion aggregate principal amount of 4.700 percent unsecured senior notes due May 2025. Interest is payable semi-annually in arrears. MPC used the net proceeds from this offering to repay amounts outstanding under its five-year revolving credit facility.

The following table shows our available credit capacity, excluding MPLX, as of May 5, 2020.



(Dollars in millions)	Total Capacity		Outstanding Borrowings		Outstanding Letters of Credit		Available Capacity		Expiration
MPC 364-day bank revolving credit facility	$	1,000	$	—	$	—	$	1,000	September 2020
MPC 364-day bank revolving credit facility	1,000		—		—		1,000		April 2021
MPC bank revolving credit facility^(a)	5,000		750		1		4,249		October 2023
MPC trade receivables securitization facility^(b)	517		—		—		517		July 2021
Available capacity, excluding MPLX, as of May 5, 2020							6,766


^(a)	Borrowed $2 billion on March 30, 2020 and $1.5 billion in April. Repaid $2.75 billion in May.

^(b)

Availability under our $750 million trade receivables facility is a function of eligible trade receivables, which will be lower in a sustained lower price environment for refined products. As of April 30, 2020 eligible trade receivables supported borrowings of approximately $517 million.