UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 6, 2011
MARKWEST ENERGY PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
Delaware |
| 001-31239 |
| 27-0005456 |
(State or other jurisdiction of |
| (Commission File Number) |
| (I.R.S. Employer |
1515 Arapahoe Street, Tower 1, Suite 1600, Denver CO 80202
(Address of principal executive offices)
Registrant’s telephone number, including area code: 303-925-9200
Not Applicable.
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-Commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-Commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. Entry into a Material Agreement.
On October 7, 2011, MarkWest Energy Partners, L.P. (the “Partnership”) and MarkWest Energy Operating Company, L.L.C. (the “Operating Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC, as the underwriters (the “Underwriters”), with respect to the issuance and sale in an underwritten public offering (the “Offering”) by the Partnership of 5,750,000 common units representing limited partner interests (the “Common Units”) at an offering price to the public of $45.52 per common unit, which includes 750,000 additional common units purchased pursuant to the full exercise of the Underwriters’ over-allotment option. The Common Units to be sold in the Offering were registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a registration statement on Form S-3 (File No. 333-164323). The Offering closed on October 13, 2011. Legal opinions related to the Common Units are filed as Exhibits 5.1 and 8.1 to this Current Report on Form 8-K.
The Partnership intends to use a portion of the net proceeds from the Offering, after deducting underwriting discounts, commissions and offering expenses, of approximately $251.0 million, to repay borrowings under its revolving credit facility. The Partnership intends to use the remaining net proceeds to provide working capital for general partnership purposes.
The Underwriting Agreement contains customary representations, warranties and agreements of the Partnership and certain affiliates, and customary conditions to closing, indemnification rights, obligations of the parties and termination provisions.
The foregoing description is a brief summary of the Underwriting Agreement and does not purport to be a complete statement of the parties’ rights and obligations under the Underwriting Agreement. The foregoing description is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated by reference herein.
ITEM 7.01. Regulation FD Disclosure
On October 6, 2011, the Partnership issued a press release announcing the Offering. A copy of the press release is furnished as Exhibit 99.1 hereto.
On October 7, 2011, the Partnership issued a press release announcing the pricing of the Offering. A copy of the press release is furnished as Exhibit 99.2 hereto.
On October 13, 2011, the Partnership issued a press release announcing the closing of the upsized Offering. A copy of the press release is furnished as Exhibit 99.3 hereto.
The information contained in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Cautionary Statements
This filing includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking 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 the periodic reports we file with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2010, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011. 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 except as required by law.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
| Description of Exhibit |
1.1 |
| Underwriting Agreement dated as of October 7, 2011, among MarkWest Energy Partners, L.P., MarkWest Energy Operating Company, L.L.C. and Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC, as the underwriters. |
5.1 |
| Opinion of Vinson & Elkins |
8.1 |
| Opinion of Vinson & Elkins, relating to tax matters |
23.1 |
| Consent of Vinson & Elkins (included in Exhibit 5.1) |
23.2 |
| Consent of Vinson & Elkins (included in Exhibit 8.1) |
99.1 |
| Press release dated October 6, 2011, announcing public offering of common units. |
99.2 |
| Press release dated October 7, announcing pricing of public offering of common units. |
99.3 |
| Press release dated October 13, announcing closing of upsized public offering of common units. |
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MARKWEST ENERGY PARTNERS, L.P. | ||
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| (Registrant) | |
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| By: | MarkWest Energy GP, L.L.C., | |
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| Its General Partner | |
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Date: October 13, 2011 | By: | /s/ NANCY K. BUESE | |
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| Nancy K. Buese | |
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| Senior Vice President and Chief Financial Officer | |