MarkWest downsizes credit facility to $200 million

New York, Oct. 29 - MarkWest Energy Partners LP said it downsized its credit facility to $200 million from $315 million.

The five-year senior secured revolving credit facility is via Royal Bank of Canada as administrative agent, Bank One NA as syndication agent, Fortis Capital Corp., U.S. Bank NA, Societe Generale and Wachovia Bank NA as documentation agents, and RBC Capital Markets and J.P. Morgan Securities Inc. as lead arrangers and joint bookrunners. The borrower is MarkWest Energy Operating Co. LLC.

MarkWest can increase the facility to $300 million on a one-time basis in the future.

Interest is at Libor plus 275 basis points for the first two quarters and will adjust after that depending on the company's ratio of funded debt to EBITDA.

The amendment was effective Oct. 25.

The company previously disclosed plans to repay virtually all the borrowings under its revolver using proceeds from a $200 million senior unsecured note offering, upsized at pricing to $225 million.

MarkWest is an Englewood, Colo.-based limited partnership engaged in the gathering, transportation and processing of natural gas and the transportation, fractionation and storage of natural gas liquids.

© 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.