By Paul A. Harris
Portland, Ore., Jan. 7 - MarkWest Energy Partners, LP and MarkWest Energy Finance Corp. priced a $1 billion issue of non-callable 10.5-year senior notes (Ba3/BB/BB) at par to yield 4½% on Monday, according to a syndicate source.
The yield printed at the tight end of the 4½% to 4 5/8% yield talk.
Barclays was the left bookrunner for the quick-to-market deal.
Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Natixis Securities Americas LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., UBS Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used for general partnership purposes, including capital expenditures and refinancing debt, which may include a make-whole call of the company's outstanding senior notes due 2018 and equity claw redemptions for a portion of its outstanding notes due 2021 and 2022.
MarkWest is a Denver-based natural gas gathering and transmission company.
| Issuer: | MarkWest Energy Partners, LP and MarkWest Energy Finance Corp.
|
| Amount: | $1 billion
|
| Maturity: | July 15, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | Barclays
|
| Joint bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Natixis Securities Americas LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., UBS Securities LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Co-managers: | Capital One Southcoast Inc., Comerica Securities Inc.
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 10
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Price talk: | 4½% to 4 5/8%
|
| Marketing: | Quick to market
|
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