New Issue: MarkWest prices $150 million 6 7/8% mirror notes at 78.00 to yield 12.593%

By Paul A. Harris

St. Louis, May 20 - MarkWest Energy Partners, LP and MarkWest Energy Finance Corp. priced a $150 million issue of notes mirroring their 6 7/8% senior notes due Nov. 1, 2014 at 78.00 to yield 12.593% on Wednesday, according to an informed source.

The non-fungible mirror notes came on top of the 78 area price talk. They jumped 1½ points on the break, according to a buy-side source who spotted them at 79½ bid.

J.P. Morgan, RBC Capital Markets and Wachovia Securities were joint bookrunners. The co-managers were Barclays Capital, Deutsche Bank Securities and U.S. Bancorp Investments, Inc.

Proceeds will be used to repay bank debt.

The issuer is a Denver natural gas production and transportation company.

Issuers: MarkWest Energy Partners, L.P. and MarkWest Energy Finance Corp.

Face amount:	$150 million
Proceeds:	$117 million
Maturity:	Nov. 1, 2014
Security description:	Notes mirroring the 6 7/8% senior notes due Nov. 1, 2014
Bookrunners:	J.P. Morgan, RBC Capital Markets, Wachovia Securities
Co-managers:	Barclays Capital, Deutsche Bank Securities, U.S. Bancorp Investments, Inc.
Coupon:	6 7/8%
Price:	78.00
Yield:	12.593%
Spread:	1,041 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Nov. 1, 2009, then callable at 103.438, 102.292, 101.146, par on and after Nov. 1, 2012
Change of control:	Putable at 101
Trade date:	May 20
Settlement date:	May 26
Ratings:	Moody's: B2
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	78 area
Original issue:	$225 million priced at par in October 2004

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.