Marathon Petroleum Seeks $2.5 Billion in Debt
Posted on 04/27/2020
Findlay, Ohio-based Marathon Petroleum Corporation is the largest U.S. oil refiner. Marathon got hit with a roughly US$ 7.8 billion write-down from the first quarter of 2020 due to a sharp fall in fuel demand. In the United States, gasoline demand has dropped by half due to the great lockdown from the Wuhan coronavirus.
Marathon Petroleum is seeking to raise debt, some US$ 2.5 billion. The first tranche is US$ 1.25 billion in 4.5% senior notes due 2023; the other tranche is US$ 1.25 billion in 4.7% senior notes due 2025.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Mizuho Securities USA LLC are acting as joint book-running managers for the offering.
