MarkWest Energy Partners, L.P. Announces $150 Million Credit Facility Increase; Completes Acquisition of Remaining 49% Interest in Liberty Joint Venture

MarkWest Energy Partners, L.P. announced the execution of a $150 million increase to its senior secured revolving credit facility, increasing total borrowing capacity to $900 million. The revolving credit facility, which matures in September 2016, is supported by a syndicate of 18 banks led by Wells Fargo Securities, LLC and RBC Capital Markets as Joint Lead Arrangers and Joint Lead Bookrunners. The Company and The Energy & Minerals Group (EMG) also announced the closing of the previously announced acquisition by MarkWest of the 49% interest in MarkWest Liberty Midstream & Resources, LLC held by EMG. The acquisition consideration included approximately $1.0 billion of cash and the issuance of 19.95 million unregistered MWE Class B Units to EMG. MarkWest expects that on a DCF per unit basis, the acquisition is immediately accretive in 2012 and would be up to 6% accretive in 2013 and beyond. MarkWest and EMG are also entering into a new Utica Shale midstream joint venture to develop significant natural gas processing and NGL fractionation, transportation, and marketing infrastructure in eastern Ohio beginning in 2012. Under the terms of the Utica joint venture, EMG will fund a majority of the initial capital expenditures required to develop the Utica midstream infrastructure. MarkWest and EMG expect to issue a press release in January 2012 with additional details regarding the Utica joint venture and its planned activities in the Utica Shale.