MarkWest Energy Partners LP (NYSE: MWE) and its subsidiary MarkWest Energy Finance Corp. have closed a public offering of an additional $650 million of 4.875% senior unsecured notes due 2024.
The Partnership expects to receive net proceeds from these additional notes offering, after deducting underwriting discounts, commissions and offering expenses, of approximately $653.1 million. The Partnership intends to use a portion of such proceeds to repay borrowings under its revolving credit facility. The Partnership intends to use the remaining net proceeds to fund its capital expenditure program and to provide working capital for general partnership purposes.
On Nov. 21, 2014, the Partnership and Finance Corp. completed a public offering of $500 million of 4.875% senior unsecured notes due 2024 (the initial notes). The additional notes and the initial notes will be treated as a single class of debt securities under the indenture entered into in connection with the issuance of the initial notes.
Barclays, BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley, RBC Capital Markets, SunTrust Robinson Humphrey, US Bancorp, and Wells Fargo Securities are acting as joint book-running managers for the additional notes.