MPLX LP (MPLX) Ratings Affirmed by Fitch Following MarkWest Merger Announcement
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Moody's Reaffirms Ratings on MPLX LP (MPLX) Following MarkWest Energy Acquisition Announcement
July 14, 2015 8:20 AM EDTMoody's Investors Service (Moody's) affirmed MPLX LP's (NYSE: MPLX) Baa3 senior unsecured rating following its announcement on July 13 that it had agreed to acquire MarkWest Energy Partners, L.P. (MWE, Ba2 RUR-up) in an all units transaction valued at approximately $20.0 billion. MPLX's outlook is stable. The rating of Marathon Petroleum Corporation (MCP, Baa2 stable), MPLX's general partner (GP) is unaffected by this announcement.
"The proposed acquisition of MWE will afford MPLX the significantly increased operating size and scale that was heretofore lacking, although Moody's views MWE's natural gas gathering and processing (G&P)... More
Marathon Petroleum (MPC) Will Contribute $675M to MPLX, MarkWest Deal
July 13, 2015 7:57 AM EDTMarathon Petroleum (NYSE: MPC) announced that MPLX LP (NYSE: MPLX), the midstream master limited partnership (MLP) sponsored by MPC, has signed a definitive merger agreement with MarkWest Energy Partners, L.P. (NYSE: MWE) (MarkWest) whereby MarkWest would become a wholly owned subsidiary of MPLX. The merger would be a unit-for-unit transaction, generally expected to be tax-free, plus a one-time cash payment to MarkWest unitholders, that implies an enterprise value for MarkWest of approximately $20 billion, including the assumption of debt of approximately $4.2... More
MPLX LP (MPLX) to Acquire MarkWest Energy Partners (MWE) in ~$15.8B Deal, Less Debt
July 13, 2015 6:35 AM EDT(Updated - July 13, 2015 6:36 AM EDT)
MPLX LP (NYSE: MPLX) and MarkWest Energy Partners (NYSE: MWE) announced that they have signed a definitive merger agreement whereby MarkWest would become a wholly owned subsidiary of MPLX. The merger would be a unit-for-unit transaction, generally expected to be tax-free, plus a one-time cash payment to MarkWest unitholders, that implies a total enterprise value for MarkWest of approximately $20 billion, including the assumption of debt of approximately $4.2 billion, as of the close of trading on Friday, July 10, 2015.
Under the... More
