MarkWest Energy Partners Announces Pricing of Public Offering of 8M Units at $55.28
MarkWest Energy Partners, L.P. (NYSE: MWE) announced today that it priced a public offering of 8,000,000 common units at $55.28 per common unit. MarkWest has granted the underwriters a 30-day option to purchase up to 1,200,000 additional common units to cover the underwriters' sale of additional common units, if any. MarkWest intends to use the net proceeds from the offering, after deducting underwriting discounts, commissions and offering expenses, of approximately $427.4 million, and any additional net proceeds from the exercise of the underwriters' option, to partially fund its acquisition of Keystone Midstream Services, LLC, which owns certain gas gathering and processing facilities located in Butler County, Pennsylvania.
If MarkWest does not consummate the Keystone Acquisition, it intends to use the net proceeds from the offering, as well as any exercise of the underwriters' option, for general partnership purposes, including, but not limited to, funding capital expenditures and general working capital.
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