By Andrea Heisinger
New York, June 21 - Western Gas Partners, LP sold a downsized $520 million of 4% 10-year senior notes on Wednesday to yield Treasuries plus 250 basis points, a market source said.
The size was initially $525 million.
The notes (Baa3/BB+/BBB-) were priced at 99.194 to yield 4.099%. There is a make-whole call at Treasuries plus 37.5 bps until April 1, 2022 and a par call after that date.
RBS Securities Inc. was the active bookrunner, and Barclays Capital Inc., Deutsche Bank Securities Inc., SG Americas Securities LLC and U.S. Bancorp Investments Inc. were the passive bookrunners.
Proceeds will be used to repay amounts under a revolving credit facility and to pay down notes payable to Anadarko.
The midstream energy asset company is based in the Woodlands, Texas.
| Issuer: | Western Gas Partners, LP
|
| Issue: | Senior notes
|
| Amount: | $520 million, downsized from $525 million
|
| Maturity: | July 1, 2022
|
| Bookrunners: | RBS Securities Inc. (active), Barclays Capital Inc., Deutsche Bank Securities Inc., SG Americas Securities LLC, U.S. Bancorp Investments Inc. (passive)
|
| Coupon: | 4%
|
| Price: | 99.194
|
| Yield: | 4.099%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Make-whole at Treasuries plus 37.5 bps until April 1, 2022, par call after
|
| Trade date: | June 21
|
| Settlement date: | June 28
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
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