DENVER (AP) -- MarkWest Energy Partners L.P. has increased its borrowing capacity to $1.2 billion.
The natural gas company announced Friday that it has completed a $300 million increase to its senior secured revolving credit facility. It also extended the maturity of the revolving credit facility by one year to September 2017.
Frank Semple, chairman, president and CEO of the company said the expansion significantly increases the company's liquidity and financial flexibility, which are important elements of its ongoing growth strategy.
The revolving credit facility is supported by a syndicate of 17 banks led by Wells Fargo Securities LLC and RBC Capital Markets as joint lead arrangers and joint lead bookrunners.
MarkWest, based in Denver, produces, processes and transports natural gas in the Southwest, Gulf Coast and Northeast. Its shares rose $1.53, or3.2 percent, to close Friday at $49.31.