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MarkWest Energy Partners, L.P. Message Board

  • rrb1981 rrb1981 Jul 12, 2004 9:03 PM Flag

    The Summary

    Ok, here goes the summary for the CC.

    Looks like total price is actually $290 million when one adds in $50 million in capex costs for 05. System is very new and highly automated. Will have close to 45% market share after expansion. Close to the Pinnacle Appleby system(25 miles away) Semple mentioned that some synergies may be driven out of this...

    Looks like we will see a small increase in distribution before end of year....

    Look for a public offering in September, also they are looking to make a private offering (my guess is Tortoise and Kayne Anderson).

    Also some mention of taking advntage of larger size to capitalize on long term debt options that were previously unavailable.

    Conservatively speaking they said anywhere from .60 to .80 in DCF/unit over next 2 years. Beale from Davenport called them on this, CFO said he was being conservative, lots of cushion built in.....sounds like lots of reserves in the area and more drilling.

    My guess is they float a total of 4 million units(they said they want to get under 50% debt to cap). I think in September they float 3 million minus whatever they place privately
    and in 05 they float another 1 million. Sounds like alot of due dilligence in this one.

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