Western Gas Partners may use offering proceeds to pay down revolver

By Angela McDaniels

Tacoma, Wash., Sept. 19 - Western Gas Partners, LP might reduce the outstanding borrowings under its $800 million revolving credit facility, according to a 424B3 filing with the Securities and Exchange Commission.

As of Friday, borrowings outstanding under the revolver were $10 million.

The company plans to sell 5 million common units and to use the proceeds for general partnership purposes. Pending the use of proceeds for other purposes, it may apply some or all of the proceeds to paying down the revolver.

The price per unit has not been set. At Monday's closing unit price of $37.06 (NYSE: WES), the 5 million units would be worth $185.3 million.

The bookrunners for the equity offering are Deutsche Bank Securities Inc., UBS Securities LLC, Wells Fargo Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.

Western Gas Partners is a limited partnership formed by Anadarko Petroleum Corp. to own, operate, acquire and develop midstream energy assets. It is based in the Woodlands, Texas.

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