9/4/14 – 4:59 A.M.
Marathon Petroleum is making a move to help finance the buyout of Hess Corporation retail stores. Marathon has priced nearly $2 billion in unsecured senior notes in a public offering. Unsecured notes are loans that aren’t secured by the issuer’s assets.
A $700 million loan will also be used to help fund the purchase.
The investment is expected to payoff big for Marathon. Industry analysts believe Marathon’s Speedway stores will double their $14.5 billion dollars in sales once the Hess locations are added to the company. Speedway stores are primarily based in the midwest, where Hess stores are located in the east and the south.Read More →