NEW YORK (AP) -- The price for MarkWest Energy Partners LP's common units fell sharply Tuesday after the natural gas company priced its public offering of 6 million common units at a 3.8 percent discount to Monday's ending price.
The company, which is based in Denver, priced the offering at $50.72 per common unit. That compared with Monday's closing price of $52.75 per unit.
Its unit price fell 4.1 percent in afternoon trading Tuesday.
MarkWest said it would use net proceeds of about $294.2 million to fund capital expenditures, and for general working capital and other general partnership purposes.
The company has granted the underwriters a 30-day option to purchase up to 900,000 additional common units.
MarkWest is a master limited partnership with natural gas operations in the Southwest, the Gulf Coast and northeastern U.S.
Units of MarkWest fell $2.16 to $50.59 in afternoon trading. The price has ranged between $42.18 and $61.60 in the past 52 weeks.