MarkWest sells common units under agreement terms

MarkWest Energy Partners LP

MarkWest Energy Partners LP (NYSE: MWE) has agreed to sell approximately 4,750,000 common units pursuant to a terms agreement under its equity distribution agreement with Citigroup Global Markets Inc. (the sales agent) for total gross proceeds of approximately $301.15 million. In addition, 250,000 common units will be sold by M&R MWE Liberty LLC (the selling unitholder).

MarkWest has granted the sales agent a 30-day option to purchase a maximum of 712,500 additional common units, and the selling unitholder has granted the sales agent a 30-day option to purchase a maximum of 37,500 additional common units.

MarkWest intends to use the net proceeds of this offering for general partnership purposes, which may include, among other things, paying or refinancing a portion of its outstanding indebtedness, and funding working capital, its capital expenditure program or acquisitions. MarkWest will not receive any of the proceeds from the sale of common units by the selling unitholder. The offering is expected to close on Dec. 23.

 

 

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