© 2015 The Texas Lawbook.
By Natalie Posgate
(April 28) – Ohio-based MPLX said Wednesday that it will raise $1 billion through a private placement of 6.5 percent Series A convertible preferred units.
Primary investors of the preferred units include funds managed by Stonepeak Infrastructure Partners, Magnetar Capital, Kanye Anderson Capital Advisors and The Energy & Minerals Group.
A team of Houston and Dallas Sidley Austin lawyers led by Cliff Vrielink represented Stonepeak. Vrielink received assistance from partners Timothy Langenkamp, Timothy Devetski and associates Tim Chandler, Ryan Scofield, Troy Hunt, Daniel Allison and James Porter.
Houston partner Matt Pacey of Kirkland & Ellis represented Magnetar in the private placement.
MPLX turned to Houston partners David Oelman and Alan Beck of Vinson & Elkins to lead its end of the private placement. They received assistance from Houston associates Shamus Crosby, Sean Roberts and Crosby Scofield. Houston partner Ryan Carney and Washington, D.C. partner Joe Garcia advised on tax matters.
MPLX said it expects to use the proceeds for capital expenditures, repayment of debt and general partnership purposes.
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