New Issue: Western Gas Partners reopens 4% notes due 2022 to add $150 million

By Andrea Heisinger

New York, Oct. 9 - Western Gas Partners, LP reopened its 4% senior notes due July 1, 2022 on Tuesday to add $150 million, a market source said.

The notes (Baa3/BB+/BBB-) were priced at 105.292 to yield 3.356% with a spread of Treasuries plus 165 basis points.

There is a make-whole call at Treasuries plus 37.5 bps until April 1, 2022, with a par call after that date.

Total issuance will be $670 million, including $520 million sold on June 21.

RBS Securities Inc. was the active bookrunner. Passive bookrunners were DNB Markets, Inc., Mitsubishi UFJ Securities (USA) Inc., Scotia Capital (USA) Inc. and UBS Securities LLC.

Proceeds will be used for general partnership purposes.

The midstream energy asset company is based in the Woodlands, Texas.

Issuer:	Western Gas Partners, LP
Issue:	Senior notes
Amount:	$150 million, reopened
Maturity:	July 1, 2022
Bookrunner:	RBS Securities Inc. (active), DNB Markets, Inc., Mitsubishi UFJ Securities (USA) Inc., Scotia Capital (USA) Inc., UBS Securities LLC (passive)
Co-managers:	Comerica Securities, Inc., BMO Capital Markets Corp., RBC Capital Markets LLC
Coupon:	4%
Price:	105.292
Yield:	3.356%
Spread:	Treasuries plus 165 bps
Call:	Make-whole at Treasuries plus 37.5 bps until April 1, 2022, par call after
Trade date:	Oct. 9
Settlement date:	Oct. 18
Ratings:	Moody's: Baa3
	Standard & Poor's: BB+
	Fitch: BBB-
Total issuance:	$670 million, including $520 million sold June 21

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