Marathon Getting Finances Set For Andeavor Acquisition

9/7/18 – 5:22 A.M.

Marathon Petroleum Corporation is making moves ahead of the company’s bid to buy San Antonio-based refiner Andeavor. The San Antonio Business Journal reports Marathon entered into a pair of revolving credit agreements worth $6 billion at the end of August.

One agreement is for a $5 billion, five-year credit line. The second is for $1 billion and lasts 364 days. A consortium of 16 banks are financing the loans.

The stockholders of both companies vote on Marathon’s bid to buy Andeavor on September 24. If approved, Marathon will become the largest refiner in the nation in terms of capacity.

MORE: San Antonio Business Journal