MarkWest Energy Priced Secondary Offering, Units Drop (MWE)
Oil and gas producer MarkWest Energy Partners LP (NYSE: MWE) this morning priced a secondary offering of 5.9 million new common units at $59.54/unit. The price represents a discount of 3.2% below yesterday’s closing price of $61.52/common unit. MarkWest expects…
Oil and gas producer MarkWest Energy Partners LP (NYSE: MWE) this morning priced a secondary offering of 5.9 million new common units at $59.54/unit. The price represents a discount of 3.2% below yesterday’s closing price of $61.52/common unit.
MarkWest expects net proceeds of about $337.4 million from the offering and plans to use the cash to fund its capital expenditures program.
BofA Merrill Lynch, Barclays Capital, Citigroup, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities, as joint book-running managers, have a 30-day overallotment option on 885,000 additional common units.
MarkWest shares are trading down about -3.28% this morning, at $59.50 in a 52-week range of $39.00-$61.60.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
