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UPDATE 1-Marathon Petroleum unit files for $365 mln IPO
July 2, 2012 / 9:36 PM / 5 years ago

UPDATE 1-Marathon Petroleum unit files for $365 mln IPO

* Plans to list common units on NYSE under the symbol “MPLX”

* UBS, BofA Merrill Lynch are underwriting the IPO

July 2 (Reuters) - Marathon Petroleum Corp’s pipeline unit MPLX LP filed with U.S. regulators to raise up to $365 million in an initial public offering of its common units.

The limited partnership, recently formed by the refiner to own, operate, develop and acquire pipelines and other midstream assets, plans to list its common units on the New York Stock Exchange under the symbol “MPLX.”

Findlay, Ohio-based MPLX plans to contribute about $204 million of the total proceeds to its general partner Pipe Line Holdings, it said in a filing with the U.S. Securities and Exchange Commission.

The filing did not reveal the number of shares the company planned to sell or their expected price.

Marathon Petroleum said in May that it will look at spinning off some of its pipeline assets into a master limited partnership and taking it public.

UBS Securities and BofA Merrill Lynch are acting as the representatives of the underwriters and the joint book-running managers of this offering.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

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