Published on 10/9/2012 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Western Gas Partners reopens 4% notes due 2022 to add $150 million
By Andrea Heisinger
New York, Oct. 9 - Western Gas Partners, LP reopened its 4% senior notes due July 1, 2022 on Tuesday to add $150 million, a market source said.
The notes (Baa3/BB+/BBB-) were priced at 105.292 to yield 3.356% with a spread of Treasuries plus 165 basis points.
There is a make-whole call at Treasuries plus 37.5 bps until April 1, 2022, with a par call after that date.
Total issuance will be $670 million, including $520 million sold on June 21.
RBS Securities Inc. was the active bookrunner. Passive bookrunners were DNB Markets, Inc., Mitsubishi UFJ Securities (USA) Inc., Scotia Capital (USA) Inc. and UBS Securities LLC.
Proceeds will be used for general partnership purposes.
The midstream energy asset company is based in the Woodlands, Texas.
Issuer: | Western Gas Partners, LP
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Issue: | Senior notes
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Amount: | $150 million, reopened
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Maturity: | July 1, 2022
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Bookrunner: | RBS Securities Inc. (active), DNB Markets, Inc., Mitsubishi UFJ Securities (USA) Inc., Scotia Capital (USA) Inc., UBS Securities LLC (passive)
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Co-managers: | Comerica Securities, Inc., BMO Capital Markets Corp., RBC Capital Markets LLC
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Coupon: | 4%
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Price: | 105.292
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Yield: | 3.356%
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Spread: | Treasuries plus 165 bps
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Call: | Make-whole at Treasuries plus 37.5 bps until April 1, 2022, par call after
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Trade date: | Oct. 9
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Settlement date: | Oct. 18
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Ratings: | Moody's: Baa3
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| Standard & Poor's: BB+
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| Fitch: BBB-
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Total issuance: | $670 million, including $520 million sold June 21
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