Western Gas to pay down revolver with proceeds from notes offering

By Toni Weeks

San Diego, May 9 - Western Gas Partners, LP will use the proceeds of its planned offering of senior notes due 2021 to repay outstanding debt under its revolving credit facility and for general partnership purposes, according to a 424B2 filing with the Securities and Exchange Commission.

Western Gas said it may reborrow any amounts repaid under the revolver to pay for capital expenditures and acquisitions and for other general partnership purposes.

As of May 6, total borrowings under the revolver were $470 million and had a weighted average interest rate of roughly 1.91%. The debt was incurred to repay a $250 million term loan and to fund part of the February acquisition of the Platte Valley gathering system and processing plant from a third party.

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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