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Anadarko, Western Gas settle tangible equity units from 2015

Oil and gas driller Anadarko Petroleum Corp. and its midstream master limited partnership Western Gas Partners LP announced the settlement of 9,200,000 outstanding tangible equity units issued in 2015 in exchange for 8,207,320 Western Gas common units plus cash for fractional units.

The common units delivered to Anadarko for the settlement were owned by an Anadarko subsidiary, and Western Gas did not issue any securities for the settlement, according to a June 7 news release.

Anadarko first announced the offering for the tangible equity units in June 2015, during which the oil and gas producer earned net proceeds of about $387.1 million from 8 million 7.5% tangible equity units. The tangible equity units are composed of a prepaid equity purchase contract and a senior amortizing note and were scheduled to settle this month unless settled earlier.