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MarkWest Energy gets consents needed to amend two 6 7/8% notes series
By Angela McDaniels
Tacoma, Wash., Nov. 2 - MarkWest Energy Partners, LP has received enough consents to amend the indentures of its $225 million of 6 7/8% series A senior notes due 2014 and $150 million of 6 7/8% series B senior notes due 2014, according to a company news release.
Tender offers and consent solicitations for the notes began on Oct. 18.
As of the consent expiration, which was 5 p.m. ET on Nov. 1, holders had tendered and delivered consents for 92% of the series A notes and 96% of the series B notes.
The consents received will allow the company to eliminate substantially all of the restrictive covenants and some events of default in the indentures. Supplemental indentures have been executed, and the amendments will become effective once a majority of each series of notes has been purchased.
The company expected to repurchase all of the notes tendered through the consent expiration on Nov. 2, subject to the closing of its public offering of $500 million of 6¾% senior notes due 2020.
Holders will receive $1,025.42 per $1,000 principal amount of notes tendered, which includes a consent payment of $30.00 for each note tendered by the consent expiration.
Holders who tender after the consent expiration will receive $995.42 for each $1,000 of notes.
In all cases, the company will also pay accrued interest up to but excluding the payment date.
The tender offers will expire at 11:59 p.m. ET on Nov. 16.
Holders who tender their notes will be deemed to have delivered their consents.
Wells Fargo Securities (866 309-6316 or 704 715-8341) is the dealer manager and solicitation agent. D.F. King & Co. (800 431-9643 or 212 269-5550 for banks and brokers) is the depositary and information agent.
MarkWest is a Denver-based natural gas, natural gas liquids and crude oil company.
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