Debt

Our outstanding borrowings at March 31, 2017 and December 31, 2016 consisted of the following:



(In millions)	March 31, 2017			December 31, 2016
Marathon Petroleum Corporation:
Commercial paper	$	—		$	—
364-day bank revolving credit facility due July 2017	—			—
Trade receivables securitization facility due July 2019	—			—
Bank revolving credit facility due 2020	—			—
Term loan agreement due 2019	—			200
Senior notes, 2.700% due December 2018	600			600
Senior notes, 3.400% due December 2020	650			650
Senior notes, 5.125% due March 2021	1,000			1,000
Senior notes, 3.625%, due September 2024	750			750
Senior notes, 6.500%, due March 2041	1,250			1,250
Senior notes, 4.750%, due September 2044	800			800
Senior notes, 5.850% due December 2045	250			250
Senior notes, 5.000%, due September 2054	400			400
MPLX LP:
MPLX term loan facility due 2019	250			250
MPLX bank revolving credit facility due 2020	—			—
MPLX senior notes, 5.500%, due February 2023	710			710
MPLX senior notes, 4.500%, due July 2023	989			989
MPLX senior notes, 4.875%, due December 2024	1,149			1,149
MPLX senior notes, 4.000%, due February 2025	500			500
MPLX senior notes, 4.875%, due June 2025	1,189			1,189
MarkWest senior notes, 4.500% - 5.500%, due 2023 - 2025	63			63
MPLX senior notes, 4.125%, due March 2027	1,250			—
MPLX senior notes, 5.200%, due March 2047	1,000			—
Capital lease obligations due 2017-2028	312			319
Total	13,112			11,069
Unamortized debt issuance costs	(64		)	(44		)
Unamortized discount^(a)	(450		)	(453		)
Amounts due within one year	(28		)	(28		)
Total long-term debt due after one year	$	12,570		$	10,544


^(a)	Includes $409 million and $420 million of unamortized discount as of March 31, 2017 and December 31, 2016, respectively, related to the difference between the fair value and the principal amount of assumed MarkWest debt.

During the three months ended March 31, 2017, we borrowed and repaid $300 million under the commercial paper program. At March 31, 2017, we had no amounts outstanding under the commercial paper program.

There were no borrowings or letters of credit outstanding under the MPC bank revolving credit facility at March 31, 2017. At March 31, 2017, we had no amounts outstanding under our trade receivables securitization facility.

At March 31, 2017, MPLX had no outstanding borrowings and $3 million letters of credit outstanding under the MPLX bank revolving credit facility, resulting in total availability of $2 billion.

MPC Term Loan Agreement

On March 31, 2017, we repaid the remaining $200 million outstanding under the MPC term loan agreement with available cash on hand. Under the provisions of the MPC term loan agreement, the loan may be prepaid in whole or in part without premium or penalty. The maturity date of the MPC term loan agreement was September 24, 2019.

MPLX Senior Notes

On February 10, 2017, MPLX completed a public offering of $1.25 billion aggregate principal amount of 4.125% unsecured senior notes due March 2027 and $1.0 billion aggregate principal amount of 5.200% unsecured senior notes due March 2047. The net proceeds, which were approximately $2.22 billion after deducting underwriting discounts, were used by MPLX to fund the $1.5 billion cash portion of the consideration paid to MPC for the dropdown of assets on March 1, 2017, as well as for general partnership purposes. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2017.