Western Gas greenshoe lifts convertible preferreds to $701.53 million

Units will convert to company’s common units on a one-for-one basis

By Devika Patel

Knoxville, Tenn., April 18 – Western Gas Partners LP said the underwriters for its private placement of series A convertible preferred units opted to exercise the deal’s $252.55 million greenshoe in full, lifting total proceeds of the offering to $701.53 million. The deal priced for $448.98 million with the greenshoe on Feb. 24.

The company sold 21,922,831 units at $32.00 apiece. The purchase price is a 1.75% discount to the Feb. 23 closing share price of $32.57. Of the units, 7,892,220 were part of the fully exercised greenshoe.

The units convert to common units on a one-for-one basis. They will pay a quarterly distribution in cash of $0.68 per unit.

The midstream energy asset company is based in the Woodlands, Texas.

Issuer:	Western Gas Partners LP
Issue:	Series A convertible preferred units
Amount:	$701,530,592, including $252,551,040 greenshoe of 7,892,220 units
Units:	21,922,831
Price:	$32.00
Distribution:	$0.68 per quarter
Conversion ratio:	One for one
Warrants:	No
Pricing date:	Feb. 24
Settlement date:	April 18
Stock symbol:	NYSE: WES
Stock price:	$32.57 at close Feb. 23
Market capitalization:	$6.69 billion

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