DENVER (AP) - Natural gas pipeline operator MarkWest Energy Partners L.P.
said Tuesday it priced its offering of 5 million common units at $31.15 apiece,
and said it plans to sell $250 million worth of debt notes to a private buyer.
The company plans to use expected net proceeds of $149.5 million from the
public offering to fund part of its 2008 growth plan and to pay down debt on its
revolving credit facility.
Lehman Brothers and Morgan Stanley served as joint book-running managers for
the offering. The company granted its underwriters an option to buy an extra
750,000 additional common units to pay for any over-allotments.
Separately, MarkWest said it is selling $250 million worth of senior
unsecured notes due 2018 in a private placement. The estimated $150 million net
proceeds from that sale will also go toward the growth plan and debt payments.
MarkWest shares fell $1.47, or 4.5 percent, to close at $31.15.
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