This excerpt taken from the MRO 8-K filed Jul 5, 2005.
Item 1.02 Termination of a Material Definitive Agreement.
On July 1, 2005, Marathon Domestic LLC (Marathon Domestic), a wholly owned subsidiary of Marathon Oil Corporation (Marathon), repaid all outstanding amounts under the Uncommitted Line of Credit Agreement dated June 23, 2005 (the Credit Agreement) between ATB Holdings Inc. (which merged into Marathon Domestic on June 30, 2005) and Citibank, NA. (Citibank) and delivered written notice to Citibank to terminate the Credit Agreement. The amount outstanding under the Credit Agreement on July 1, 2005 was $1.92 billion. Payment and termination terms of the Credit Agreement are further described in Item 2.03 of Marathons Current Report on Form 8-K filed June 30, 2005.
In addition, on July 1, 2005, Marathon delivered written notice to Citibank to terminate the Guaranty executed on June 23, 2005 in favor of Citibank. Marathons financial obligations under the Guaranty are further described in Item 1.01 of Marathons Current Report on Form 8-K filed June 29, 2005.
Marathon originally executed the Guaranty and arranged the borrowing under the Credit Agreement as part of its closing obligations in connection with Marathons acquisition of Ashland Inc.s 38 percent interest in Marathon Ashland Petroleum LLC and certain complementary businesses in a transaction valued at approximately $3.730 billion.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.