MarkWest Floats Another Round of IOUs–This Time for $1.2B

Back in March, MarkWest Energy floated IOUs, otherwise called unsecured notes, and raised a cool $650 million in cash (see MarkWest Hauls in $650M Cash from New IOUs, Paying Down Old Debt). It worked so well the first time, MarkWest has decided to try it again. This time they’re floating IOUs looking to haul in a whopping $1.2 billion (with a “b”). MarkWest will use some of the proceeds from the new IOUs to pay off older IOUs. The new IOUs will be due and payable by MarkWest in 2025. Some of the new cash raised will no doubt go to finance MarkWest’s operations and expansion in the Marcellus/Utica…

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