Sunday, June 7, 2009

MarkWest Energy sells 2.9M units in public offering, plans to fund capital budget, pay debt

Natural gas pipeline operator MarkWest Energy Partners LP said Thursday it is selling 2.9 million common units in a public offering.

MarkWest plans to use net proceeds from the sale to fund its growth capital budget and pay down debt under a revolving credit facility.

The partnership has given Morgan Stanley, the sole book-running manager for the offering, a 30-day option to buy a maximum of 435,000 additional units to cover possible over-allotments.

MarkWest shares sank $1.44, or 7.2 percent, to $18.51 in after-hours trading when the offering was announced. During the regular session, the stock climbed 87 cents, or 4.6 percent, to settle at $19.95.

source: yahoo

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