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|MarkWest Energy Partners Announces $90 Million Private Placement|
DENVER—December 18, 2007—MarkWest Energy Partners, L.P. (NYSE: MWE), announced today that it entered into and closed a definitive agreement for the private placement of approximately 2.9 million newly issued common units at a purchase price of $31.50, for gross proceeds of approximately $90 million, not including the General Partner’s contribution to maintain its two percent general partner interest. The proceeds of this transaction will be used for general corporate purposes, including working capital, and to fund capital expenditures. Magnetar Capital acted as the lead investor in the private placement. Other investors in the private placement included funds managed by Kayne Anderson Capital Advisors, L.P.; Tortoise Capital Advisors, LLC; and Hartz Capital Investments, LLC.
“We are very pleased with the strong support from these institutional investors,” said Frank Semple, the Partnership’s President and Chief Executive Officer. “This private placement will fund a significant portion of the equity financing required for our very robust 2008 expansion capital program.”
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended, (the "Securities Act"), or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities.
MarkWest Energy Partners, L.P. (NYSE:MWE) is a publicly traded master limited partnership with a solid core of midstream assets and a growing core of gas transmission assets. It is one of the largest processors of natural gas in the Northeast and is the largest gas gatherer of natural gas in the prolific Carthage field in east Texas. It also has a growing number of other gas gathering and intrastate gas transmission assets in the Southwest, primarily in Texas and Oklahoma.
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included or incorporated herein may constitute forwardlooking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect our operations, financial performance and other factors as discussed in our filings with the Securities and Exchange Commission. Among the factors that could cause results to differ materially are those risks discussed in our Form 10-K/A for the year ended December 31, 2006, as filed with the SEC. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” We do not undertake any duty to update any forward-looking statement.
MarkWest Energy Partners, L.P.