Friday, Western Gas Partners LP (WES) priced its public offering of 6 million common units representing limited partner interests. Western Gas Partners has granted the underwriters a 30-day option to purchase up to 900,000 additional common units. The common units were offered to the public at $18.20 per unit. The offering is expected to settle and close on December 9.
Net proceeds from the offering are expected to be used to repay amounts outstanding under the partnership's $350 million revolving credit facility. Any remaining net proceeds will be used for general partnership purposes, including capital expenditures and acquisitions.
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.
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