Western Gas gets $800 million amended, restated five-year revolver

By Angela McDaniels

Tacoma, Wash., March 29 - Western Gas Partners, LP entered into an $800 million five-year senior revolving credit facility on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The revolver amends and restates the $450 million revolver the company entered into in October 2009, which had an outstanding balance of $230 million.

The new revolver can be expanded to up to $1 billion.

Initial pricing is Libor plus 170 basis points with a facility fee of 30 bps. The spread over Libor ranges from 130 bps to 190 bps, depending on the company's leverage.

Wells Fargo Securities, LLC and DNB NOR Markets, Inc. were the co-lead arrangers and bookrunners. Wells Fargo Bank, NA is the administrative agent.

At closing, the company drew $480 million under the revolver. Of that amount, $250 million was used to repay and terminate its $250 million three-year term loan with Wells Fargo Bank.

The Woodlands, Texas-based Western Gas is a limited partnership formed by Anadarko Petroleum Corp. to own, operate, acquire and develop midstream energy assets.

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