Western Midstream extends $1.6 billion revolver and amends pricing terms

Chicago, June 21 – Western Midstream Operating, LP amended its senior revolving credit agreement on June 14, according to an 8-K filed with the Securities and Exchange Commission.

The maturity date has been extended to Feb. 14, 2026 on $1.6 billion of the commitments from certain lenders.

Pricing will be based on SOFR instead of Libor going forward.

The grid also now includes an additional tier that increases pricing by 25 basis points if the borrower’s credit ratings drop below BB/Ba2/BB.

Pricing would also jump at the two highest tiers in the case of a permitted MLP general partner removal.

However, before that time, adjusted SOFR pricing is between 100 bps and 215 bps.

The facility fee is between 12.5 bps and 30 bps, based on ratings.

As of the amendment date on June 14, there was $315 million outstanding on the revolver with $5.1 million in outstanding letters of credit.

Wells Fargo Bank, NA is the administrative agent on the agreement that was originally dated Feb. 15, 2018.

Barclays, Citibank, NA, Mizuho Bank, Ltd., MUFG Bank, Ltd., PNC Bank, NA and U.S. Bank NA are the syndication agents.

Bank of Montreal, Truist Bank, Capital One, NA, Comerica Bank, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc., Royal Bank of Canada, Societe Generale, Bank of Nova Scotia, Houston Branch and TD Bank, New York Branch are the documentation agents.

Wells Fargo, Barclays, Citigroup Global Markets Inc. Mizuho, MUFG, PNC and U.S. Bank are the joint lead arrangers and joint bookrunners.

The oil and gas company is based in the Woodlands, Tex.

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