| MarkWest Energy Closes $650M Senior Notes Offering - Analyst Blog | |
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Natural gas processor and distributor MarkWest Energy Partners LP MWE closed its previously announced pricing of $650 million unsecured senior notes. The notes, due 2024, carried an interest rate of 4.875% and were issued at 101.625% of par.
After deducting offer-related expenses and underwriter discounts, MarkWest expects to receive $653.1 million as proceeds from the offering.
MarkWest added that it plans to utilize part of the proceeds to lower debt under its revolving credit facility and use the remaining to finance its capital programs and working capital requirements.
These notes were issued as Additional Notes to the $500 million senior note offering the partnership had closed on Nov 21 last year. MarkWest stated that both these notes would be treated as a single class of debt security.
Denver, CO-based MarkWest Energy, a master limited partnership, is engaged in the gathering, processing and transmission of natural gas, transportation, fractionation and storage of natural gas liquids, and the gathering and transportation of crude oil.
On Feb 26, MarkWest reported weaker-than-expected fourth-quarter 2014 results due to decreased gathering systems’ throughput volume in the Southwest region. Lesser processing and fractionation volumes in the Northeast area also led to the downside.
The partnership reported adjusted earnings of 24 cents per unit, missing the Zacks Consensus Estimate of 32 cents. The bottom line, however, improved from the year-ago quarter adjusted earnings of 10 cents.
Moreover, MarkWest projected DCF in the $700–$800 million range, lower than the prior guidance of $800–$880 million. Also, the partnership decreased its projected growth capital spending to $1.5−$1.9 billion from the prior range of $1.8–$2.3 billion.
MarkWest Energy currently carries a Zacks Rank #5 (Strong Sell).
Better-ranked players from the same industry include Delek Logistics Partners, LP DKL, Energy Transfer Equity, L.P. ETE and Sunoco Logistics Partners L.P. SXL. All these stocks carry a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MARKWEST EGY PT (MWE): Free Stock Analysis Report SUNOCO LOGISTIC (SXL): Free Stock Analysis Report ENERGY TRAN EQT (ETE): Free Stock Analysis Report DELEK LOGISTICS (DKL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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MarkWest Energy Partners LP
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CODE : MWE |
ISIN : US5707591005 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
MarkWest Energy est une société d’exploration minière et de pétrole basée aux Etats-Unis D'Amerique. MarkWest Energy est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 11,1 milliards US$ (9,9 milliards €). La valeur de son action a atteint son plus bas niveau récent le 01 mai 2009 à 10,05 US$, et son plus haut niveau récent le 25 septembre 2015 à 48,00 US$. MarkWest Energy possède 231 560 000 actions en circulation. |