Western Gas Partners to repay revolver debt with new note proceeds

By Sarah Lizee

Olympia, Wash., Feb. 21 – Western Gas Partners, LP plans to repay amounts outstanding under its revolving credit facility using proceeds from a two-part offering of fixed-rate senior notes due 2028 and 2048, according to a 424B2 filing with the Securities and Exchange Commission.

As of Dec. 31, the facility had about $370 million outstanding and a weighted average interest rate of about 2.87%.

In February, the revolver was amended to extend its maturity date to Feb. 15, 2023.

As amended, the facility bears interest at Libor plus a margin that ranges from 100 basis points to 150 bps.

The company said the outstanding borrowings under the revolver were incurred to fund capital expenditures and for general partnership purposes.

Any remaining net proceeds from the offering will be used for general partnership purposes, including to fund capital expenditures.

The Woodlands, Texas-based company owns, develops and operates midstream energy assets in the United States.

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