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Western Midstream closes $3.5B note offering, repays $3B term loan

Western Midstream Partners LP subsidiary Western Midstream Operating LP completed the previously announced offering of $3.5 billion of its senior notes and subsequently repaid and closed its $3.0 billion term loan credit facility.

Western Midstream's offering included $300 million of floating rate senior notes due 2023, $1 billion of 3.100% senior notes due 2025, $1.20 billion of 4.050% senior notes due 2030 and $1 billion of 5.250% senior notes due 2050.

Interest on the floating rate notes will accrue starting Jan. 13 at a floating rate payable every Jan. 13, April 13, July 13 and Oct. 13, with the initial interest payment due on April 13, according to a Jan. 13 SEC filing. Interest on the 2025, 2030 and 2050 notes will also accrue starting Jan. 13 and is payable every Feb. 1 and Aug. 1, with the initial interest payment due on Aug. 1.

Western Midstream Operating said it may redeem in whole or in part the 2025, 2030 and 2050 notes at any time before their maturity date.

Occidental Petroleum Corp. subsidiary Western Midstream is an independent midstream company with assets located in the Rocky Mountains, north-central Pennsylvania, Texas and New Mexico. Occidental recently said it will cut its interest in Western Midstream to below 50% during the year but still plans to continue its operational relationship with the partnership.