Thursday, Western Gas Partners LP (WES) closed the issuance of 900 thousand common units representing limited partner interests under the over-allotment option granted to the underwriters in connection with its recent public offering of 6 million common units. Net proceeds from the offering of approximately $122.4 million.
The proceeds were used to repay $100 million outstanding under the partnership's $350 million revolving credit facility, with the remainder to be used for general partnership purposes, including capital expenditures and potential acquisitions. Barclays Capital, BofA Merrill Lynch, Goldman, Sachs & Co. and Wells Fargo Securities acted as joint book-running managers for the offering.
Western Gas Partners, LP engages in the acquisition, ownership, development, and operation of midstream energy assets in East and West Texas, the Rocky Mountains, and the Mid-Continent. The company involves in gathering, compressing, treating, and transporting natural gas for its ultimate parent, Anadarko Petroleum Corporation, and third-party producers and customers.
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