Published on 5/26/2015 in the Prospect News Investment Grade Daily.
New Issue: Western Gas prices $500 million 3.95% 10-year notes at 195 bps spread
By Cristal Cody
Tupelo, Miss., May 26 – Western Gas Partners, LP (Baa3/BBB-/BBB-) priced $500 million of 3.95% 10-year senior notes at 98.789 to yield 4.099% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of 195 basis points over Treasuries.
Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc., Barclays, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., SG Americas Securities, LLC and UBS Securities LLC were the bookrunners.
The notes have a make-whole call at Treasuries plus 30 bps prior to March 1, 2025. The notes are redeemable beginning March 1, 2025 at par plus accrued and unpaid interest.
Western Gas Partners plans to use the proceeds from the offering to repay a portion of debt outstanding under its revolving credit facility.
The Woodlands, Texas-based company owns, develops and operates midstream energy assets in the United States.
| Issuer: | Western Gas Partners, LP
|
| Amount: | $500 million
|
| Maturity: | June 1, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc., Barclays, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., SG Americas Securities, LLC, UBS Securities LLC
|
| Co-managers: | BMO Capital Markets Corp., Comerica Securities, Inc., DNB Markets Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Wells Fargo Securities, LLC
|
| Coupon: | 3.95%
|
| Price: | 98.789
|
| Yield: | 4.099%
|
| Spread: | Treasuries plus 195 bps
|
| Call feature: | Make-whole at Treasuries plus 30 bps before March 1, 2025; on or after March 1, 2025 at principal plus accrued and unpaid interest
|
| Trade date: | May 26
|
| Settlement date: | June 4
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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