BB&T Capital Markets Serves as Co-Manager for Marathon Petroleum’s $250 Million Offering of 5.85% Senior Notes due 2045
On December 7, 2015, BB&T Capital Markets served as a co-manager for an offering of $250 million of 5.85% senior notes due 2045 by Marathon Petroleum. Proceeds from the offering are being used to repay notes due 2016 and for general corporate purposes.
About the Companies
Marathon Petroleum Corporation (NYSE: MPC), together with its subsidiaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Pipeline Transportation. The company refines crude oil and other feed stocks at its seven refineries in the Gulf Coast and Midwest regions of the United States; and purchases ethanol and refined products for resale. Its refined products include gasoline, distillates, propane, feed stocks and special products, heavy fuel oil, and asphalt. The company also sells transportation fuels and convenience products in the retail market through Speedway convenience stores; and transports crude oil and other feed stocks to its refineries and other locations. Marathon Petroleum Corporation markets its refined products to resellers, consumers, independent retailers, wholesale customers, marathon-branded independent entrepreneurs, its Speedway convenience stores, airlines, transportation companies, and utility companies, as well as exports its refined products. As of December 31, 2014, it owned, leased, and had ownership interests in approximately 8,300 miles of pipelines, as well as owned and operated 2,750 gasoline and convenience stores in 22 states of the United States; and had 5,460 retail outlets operated by independent entrepreneurs in 19 states in the United States.
The company is headquartered in Findlay, Ohio, and was incorporated in 2009 in connection with an internal restructuring of Marathon Oil Corporation. In 2011, the Marathon Oil board of directors approved the spinoff of Marathon Petroleum, through the distribution of MPC common stock to the stockholders of Marathon Oil common stock in June 2011. Following the Spinoff, Marathon Oil retained no ownership interest in MPC, and each company had separate public ownership, boards of directors and management. Marathon Oil’s business dates back to 1887.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.