Earnings
MarkWest Energy Offering Set At $18.15 Per Share
The Associated Press
06/05/09 - 04:20 PM EDT
DENVER (AP) — MarkWest Energy Partners LP said Friday that its public offering of 2.9 million units was priced at $18.15 each, a slight discount from its current trading price, in hopes of paying down debt and funding its growth budget.
The natural gas pipeline operator plans to earn about $50.3 million in net proceeds. The firm will use the funds to support its growth capital budget and to pay down borrowings made under a revolving credit facility.
Morgan Stanley, the sole book-running manager, retains a 30-day option to purchase up to 435,000 additional common shares to cover over-allotments, if any.
MarkWest shares slid $1.39, or 7 percent, to $18.56 in late afternoon trading.