Western Gas planning $500 million two-part senior notes offer Tuesday

By Aleesia Forni

Virginia Beach, Va., March 11 - Western Gas Partners LP is planning to price $500 million of senior notes on Tuesday in two tranches, according to a 424B3 filing with the Securities and Exchange Commission and a market source.

The company is set to price an add-on to its existing $250 million of 2.6% senior notes due Aug. 15, 2018, which priced at Treasuries plus 123 basis points on Aug. 5, 2013.

There will also be a new issue of 30-year bonds.

RBS Securities Inc., Mitsubishi UFJ Securities Inc., Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and Societe Generale are the joint bookrunners.

Western Gas plans to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facility and for general corporate purposes.

The midstream energy asset company is based in the Woodlands, Texas.

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