MarkWest Energy Partners (MWE) Closes 4.89M Common Unit Offering; Over-Allotment Exercised

MarkWest Energy Partners, L.P. (NYSE: MWE - News) announced today the closing of its previously announced public offering of 4,887,500 common units at $30.43 per unit, which includes 637,500 additional common units purchased pursuant to the full exercise of the underwriters’ over-allotment option. The Partnership intends to use the net proceeds from the offering, after deducting underwriting discounts, commissions, and offering expenses, of approximately $142.0 million to partially fund its ongoing capital expenditure program. Pending that use, the Partnership intends to apply a portion of the net proceeds to pay down borrowings under its revolving credit facility.

Morgan Stanley, Barclays Capital, UBS Investment Bank, and Wells Fargo Securities acted as joint book-running managers for the offering. RBC Capital Markets acted as a co-manager for the offering.