Debt

3 Months Ended

Mar. 31, 2020

MPLX’s outstanding borrowings consist of the following:



(In millions)	March 31, 2020			December 31, 2019
MPLX LP:
Bank revolving credit facility	$	750		$	—
Term loan facility	1,000			1,000
Floating rate senior notes	2,000			2,000
Fixed rate senior notes	16,887			16,887
Consolidated subsidiaries:
MarkWest	23			23
ANDX	190			190
Financing lease obligations⁽¹⁾	14			19
Total	20,864			20,119
Unamortized debt issuance costs	(103		)	(106		)
Unamortized discount/premium	(290		)	(300		)
Amounts due within one year	(4		)	(9		)
Total long-term debt due after one year	$	20,467		$	19,704

(1) See Note 20 for lease information.

Credit Agreement

Effective July 30, 2019, in connection with the closing of the Merger, MPLX amended and restated its existing revolving credit facility (the “MPLX Credit Agreement”) to, among other things, increase borrowing capacity to up to $3.5 billion and extend its term from July 2022 to July 2024. During the three months ended March 31, 2020, MPLX borrowed $1,325 million under the MPLX Credit Agreement, at an average interest rate of 2.139 percent, and repaid $575 million. At March 31, 2020, MPLX had $750 million in outstanding borrowings and less than $1 million in letters of credit outstanding under the MPLX Credit Agreement, resulting in total availability of $2.75 billion, or 78.6 percent of the borrowing capacity.

Term Loan Agreement

On September 26, 2019, MPLX entered into a Term Loan Agreement which provides for a committed term loan facility for up to an aggregate of $1 billion. Borrowings under the Term Loan Agreement bear interest, at MPLX’s election, at either (i) the Adjusted LIBO Rate (as defined in the Term Loan Agreement) plus a margin ranging from 75.0 basis points to 100.0 basis points per annum, depending on MPLX’s credit ratings, or (ii) the Alternate Base Rate (as defined in the Term Loan Agreement). Amounts borrowed under the Term Loan Agreement will be due and payable on September 26, 2021. As of March 31, 2020, MPLX had drawn $1.0 billion on the term loan at an average interest rate of 2.273 percent.

Floating Rate Senior Notes

On September 9, 2019, MPLX issued $2.0 billion aggregate principal amount of floating rate senior notes in a public offering, consisting of $1.0 billion aggregate principal amount of notes due September 2021 and $1.0 billion aggregate principal amount of notes due September 2022 (collectively, the “Floating Rate Senior Notes”). The Floating Rate Senior Notes were offered at a price to the public of 100 percent of par. The Floating Rate Senior Notes are callable, in whole or in part, at par plus accrued and unpaid interest at any time on or after September 10, 2020. Interest on the Floating Rate Senior Notes 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 percent per annum. The interest rate applicable to the floating rate senior notes due September 2022 is LIBOR plus 1.1 percent per annum.

Fixed Rate Senior Notes

MPLX’s senior notes, including those issued by consolidated subsidiaries, consist of various series of senior notes expiring between 2022 and 2058 with interest rates ranging from 3.375 percent to 6.375 percent. Interest on each series of notes is payable semi-annually in arrears on various dates depending on the series of the notes.