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News & Insights

MPLX LP’s Registered Common Unit Offering

December 08, 2014

Cravath represented the underwriters, led by BofA Merrill Lynch, J.P. Morgan Securities, UBS Investment Bank, Wells Fargo Securities, Barclays, Citigroup and Morgan Stanley, in connection with the US$230 million registered offering of common units of MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns, operates, develops and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon‑based products. The units were listed on the New York Stock Exchange. The transaction closed on December 8, 2014.

The Cravath team included partners D. Scott Bennett and Andrew J. Pitts and associates Michael K. Hyun and Melody Koh on corporate matters; partner Michael L. Schler and associate Sara L. Lykken on tax matters; and partner Matthew Morreale on environmental matters. Bethany A. Pfalzgraf also worked on corporate matters.

Related Practices & Industries

  • Corporate
  • Capital Markets
  • Tax
  • Environmental

People

Photo
Name
D. Scott Bennett
Title
Corporate
Title
Partner
Email
sbennett@cravath.com
Phone
+1-212-474-1132
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    Education

    • J.D., 2006, Emory University School of Law
    • B.A., 2002, Duke University

    Admitted In

    • New York
    Photo
    Name
    Andrew J. Pitts
    Title
    Corporate
    Title
    Partner
    Email
    apitts@cravath.com
    Phone
    +1-212-474-1620
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      Education

      • M.B.A., 1995, Boston University
        with High Honors
      • J.D., 1994, Boston University School of Law
        summa cum laude
      • B.A., 1988, Trinity College

      Admitted In

      • New York
      Photo
      Name
      Matthew Morreale
      Title
      Corporate
      Title
      Partner
      Email
      mmorreale@cravath.com
      Phone
      +1-212-474-1534
      vCard
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        Education

        • J.D., 1997, Columbia Law School
          Harlan Fiske Stone Scholar
        • M.S., 1994, University of Pennsylvania
        • B.A., 1990, University of Pennsylvania
        • B.A.S., 1990, University of Pennsylvania

        Admitted In

        • New York
        Photo
        Name
        Michael L. Schler
        Title
        Tax
        Title
        Retired Partner
        Email
        mschler@cravath.com
        Phone
        +1-212-474-1999
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          Education

          • LL.M., 1979, New York University
          • J.D., 1973, Yale Law School
          • B.A., 1970, Harvard University
            magna cum laude

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          Polaris Inc.’s Registered Senior Notes Offering

          Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Polaris Inc. Polaris Inc. designs, engineers, manufactures and markets powersport vehicles and also designs and manufactures or sources parts, garments and accessories. The transaction closed on November 13, 2025.

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          Howmet Aerospace Inc.’s Registered Senior Notes Offering

          Cravath represented the underwriters in connection with the $500 million registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The transaction closed on November 12, 2025.

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          Ripple Labs, Inc.’s Private Placement of Class A Common Stock

          Cravath represented funds managed by affiliates of Brevan Howard in connection with an investment in Ripple Labs, Inc., consisting of a private placement of Class A Common Stock, as part of Ripple’s $500 million strategic investment at a $40 billion valuation, led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace. The transaction closed on November 4, 2025.

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          Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

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