Western Midstream tender offer fully subscribed by early deadline

Chicago, Aug. 26 – Western Midstream Operating, LP’s tender offer was fully subscribed as of the early deadline, according to a press release.

As previously reported, the company was offering to buy up to $500 million of notes from seven series.

By the early deadline of 5 p.m. ET on Aug. 25, the company received tenders for and will accept the following amounts of notes, listed in order of acceptance priority:

• All $100,837,000 tendered of the $500 million outstanding 3.95% senior notes due 2025 (Cusip: 958254AE4) for a total consideration of $1,045;

• All $267,894,000 tendered of the $1 billion outstanding 3.1% senior notes due 2025 (Cusip: 958667AB3) for a total consideration of $1,050;

• All $78,671,000 tendered of the $580,917,000 outstanding of 4% senior notes due 2022 (Cusip: 958254AB0) for a total consideration of $1,012.50;

• All $26.84 million tendered of the $239,978,000 outstanding floating-rate senior notes due 2023 (Cusip: 958667AD9) for a total consideration of $1,000 per note;

• $25,758,000 accepted of the $38,104,000 tendered of the $500 million outstanding 4.65% senior notes due 2026 (Cusip: 958254AF1) for a total consideration of $1,065;

• None of the $25,855,000 tendered of the $400 million outstanding 4.5% senior notes due 2028 (Cusip: 958254AH7) for a total consideration of $1,062.50; and

• None of the $8,623,000 tendered of the $400 million outstanding 4.75% senior notes due 2028 (Cusip: 958254AK0) for a total consideration of $1,072.50.

The total considerations are based on $1,000-par notes and include an early tender premium of $30 per note.

The tendered notes for the 2026 series will be accepted using a proration factor of 68%.

The offers were scheduled to expire at midnight ET on Sept. 9; however, the maximum amount has been exceeded and no further tendered notes will be accepted for purchase.

There was a subcap on the two series of notes due 2025, with a maximum amount of $400 million to be accepted from both series together.

Early settlement is planned for Aug. 27.

There are no guaranteed delivery procedures for the offer.

The dealer managers for the offer are MUFG Securities Americas Inc. (212 405-7481, 877 744-4532), TD Securities (USA) LLC (212 827-7795, 866 584-2096, LM@tdsecurities.com) and Wells Fargo Securities, LLC (866 309-6316, collect: 704 410-0326, fax: 704 410-0326).

D.F. King & Co., Inc is the information and tender agent for the offer (866 796-6867, 212 269-5550, wes@dfking.com).

The Woodlands, Tex.-based company owns, develops and operates midstream energy assets.

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