MarkWest Energy Partners LP (NYSE: MWE) and its subsidiary MarkWest Energy Finance Corp. have priced at par an offering of $500,000,000 in aggregate principal amount of 4.875% senior unsecured notes due 2024. The offering of the notes is expected to settle on Nov. 21.
The Partnership expects to receive net proceeds from the notes offering, after deducting underwriting discounts, commissions and offering expenses, of $493,875,000. It intends to use a portion of such proceeds to repay borrowings under its revolving credit facility, and plans to use the remaining net proceeds to fund its capital expenditure program and to provide working capital for general partnership purposes.
Wells Fargo Securities, Barclays, BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley, RBC Capital Markets, SunTrust Robinson Humphrey, and US Bancorp are acting as joint book-running managers for the notes offering.