On October 30, 2009, MarkWest Energy Partners, L.P. (the Partnership), through its wholly-owned subsidiary MarkWest Liberty Gas Gathering, L.L.C. (MWE Liberty), and NGP Midstream & Resources, L.P. and its affiliated funds (M&R), through its affiliate M&R MWE Liberty, LLC, closed on a modification to the terms of their joint venture, which is operated through MarkWest Liberty Midstream & Resources, L.L.C. (MarkWest Liberty Midstream). The proposed modification of the terms of their joint venture was originally announced in a Current Report on Form 8-K filed on August 12, 2009. Pursuant to the Second Amended and Restated Limited Liability Company Agreement executed on October 30, 2009 and effective November 1, 2009 (the Amended LLC Agreement), M&R will increase its participation and ownership in MarkWest Liberty Midstream and M&R will increase its initial investment by an additional $150.0 million. Under the Amended LLC Agreement, the Partnership and M&R will maintain a 60%/40% respective ownership interest in MarkWest Liberty Midstream until January 1, 2011, at which time M&Rs ownership interest will increase from 40% to 49%. The Partnership and M&R will jointly fund the capital requirements of MarkWest Liberty Midstream at agreed upon levels until the Partnerships contributed capital is proportionate to its 51% ownership interest (the Equalization Date), which is expected to occur on or before December 31, 2012. Following the Equalization Date, M&R will have pre-emptive rights to maintain its ownership interest in MarkWest Liberty Midstream in a range of between 45% and 49%.
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.
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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: November 3, 2009 |
By: |
/s/ NANCY K. BUESE |
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Nancy K. Buese |
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Senior Vice President and Chief Financial Officer |