By Houston Business Journal

Marathon Petroleum Corp. has begun a private placement of senior notes as it prepares to spin off from Marathon Oil Corp.

Reuters reported that Marathon Petroleum, the company's upstream business, marketed $3 billion of debt, increased from an original offering of $2.5 billion.

Houston-based Marathon Oil (NYSE: MRO) on Thursday said in a statement on its website that the placement includes five-, 10- and 30- year notes, but did not go into details on the timing or the size of the deal.

Marathon Petroleum plans to use the net proceeds to repay debt to Marathon Oil and other subsidiaries, to pay a special distribution to Marathon Oil and for working capital and other general corporate purposes.

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