Published on 5/28/2015 in the Prospect News High Yield Daily.
New Issue: MarkWest Energy prices $1.2 billion 4 7/8% 10-year bullet to yield 5%
By Paul A. Harris
Portland, Ore., May 28 – MarkWest Energy Partners, LP and its subsidiary MarkWest Energy Finance Corp. priced a $1.2 billion issue of non-callable 4 7/8% 10-year senior notes (Ba3/BB) at 99.026 to yield 5% on Thursday, according to a syndicate source.
The yield printed at the wide end of the 4 7/8% to 5% yield talk.
Wells Fargo Securities LLC was the left bookrunner. Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and UBS Securities LLC were the joint bookrunners.
The Denver-based oil and gas master limited partnership plans to use the proceeds to fund tender offers for its notes due in 2020, 2021 and 2022.
| Issuers: | MarkWest Energy Partners, LP and MarkWest Energy Finance Corp.
|
| Amount: | $1.2 billion
|
| Maturity: | June 1, 2025
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., UBS Securities LLC
|
| Co-managers: | BBVA Securities Inc., BNP Paribas Securities Corp., Capital One Securities Inc., Comerica Securities Inc., Natixis Securities Americas LLC, PNC Capital Markets LLC, SMBC Nikko Securities America Inc.
|
| Coupon: | 4 7/8%
|
| Price: | 99.026
|
| Yield: | 5%
|
| Spread: | 286 bps
|
| Call protection: | Non-callable
|
| Trade date: | May 28
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| Settlement date: | June 2
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| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | SEC registered
|
| Price talk: | 4 7/8% to 5%
|
| Marketing: | Quick to market
|
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