New Issue: MarkWest prices $300 million 10.5-year notes at par to yield 6½%

By Paul A. Harris

Portland, Ore., Feb. 9 - MarkWest Energy Partners, LP priced a $300 million issue of 10.5-year senior notes (B1/BB-/) at par to yield 6½% on Wednesday, according to an informed source.

The yield printed on top of the price talk.

Barclays Capital Inc. ran the books for the quick-to-market issue.

The Denver-based natural gas, natural gas liquids and crude oil company plans to use the proceeds to fund the tender for its 8½% notes due 2016 and the partial tender for its 8¾% notes due 2018 and for general corporate purposes.

Issuers:	MarkWest Energy Partners, LP and MarkWest Energy Finance Corp.
Amount:	$300 million
Maturity:	Aug. 15, 2021
Securities:	Senior notes
Bookrunner:	Barclays Capital Inc.
Coupon:	6½%
Price:	Par
Yield:	6½%
Spread:	286 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Feb. 15, 2016, then callable at 103.25, 102.167, 101.083, par on and after Feb. 15, 2019
Equity clawback:	35% at 106.50 until Feb. 15, 2014
Change-of-control put:	101%
Trade date:	Feb. 9
Settlement date:	Feb. 24
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	SEC registered
Price talk:	6½%
Marketing:	Quick to market

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