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Western Midstream prices $3.5B senior note offering

Western Midstream Partners LP subsidiary Western Midstream Operating LP priced an offering of $3.5 billion of senior notes, with the proceeds to be used to pay down and terminate its $3.0 billion term loan credit facility.

The offering is composed of $300 million of floating rate senior notes due 2023, $1 billion of 3.10% senior notes due 2025, $1.2 billion of 4.05% senior notes due 2030 and $1 billion of 5.25% senior notes due 2050, according to a Jan. 9 news release.

The partnership is selling the 2025 notes at 99.962% of their face value, the 2030 notes at 99.90% and the 2050 notes at 99.442%.

The rest of the proceeds would be used for general partnership purposes, such as revolver debt repayment.

The offering is scheduled to close on Jan. 13.

Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and PNC Capital Markets LLC are acting as joint book-running managers for the offering.

Western Midstream's oil and gas driller parent Occidental Petroleum Corp. recently said it executed several agreements that will enable the partnership to operate as an independent midstream company. Occidental said it plans to continue its operational relationship with the partnership but will cut its interest in Western Midstream to below 50% during the year.

Western Midstream is engaged in the gathering, processing and transporting of natural gas, crude oil and NGLs, with operations in the Rocky Mountains, Pennsylvania, Texas and New Mexico.