Western Gas Partners LP priced an offering of two series of senior notes totaling $1.1 billion, with proceeds to be used to pay down revolver debt.
The offering is composed of $400 million of 4.50% notes due 2028, priced at 99.435% of their face value, and $700 million of 5.30% notes due 2048, priced at 99.169% of their face value, according to a Feb. 21 news release. After debt repayment, the rest of the proceeds from the offering would be used for general partnership purposes, such as fundind CapEx.
The offering is scheduled to close March 2. Mizuho Securities USA Inc., Credit Suisse Securities (USA) LLC, MUFG Securities Americas Inc. and TD Securities (USA) LLC are acting as joint book-running managers.
Western Gas is a master limited partnership formed by Anadarko Petroleum Corp. that is engaged in oil and natural gas midstream operations with assets centered in the Rocky Mountains, Pennsylvania and Texas.