New Issue: Western Gas Partners prices $500 million 4.65% 10-year notes with 320 bps spread

By Cristal Cody

Eureka Springs, Ark., June 30 – Western Gas Partners, LP sold a $500 million offering of 4.65% 10-year senior notes (Ba1/BBB-/BBB-) at 99.796 to yield 4.676% on Thursday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced with a spread of 320 basis points over Treasuries.

Deutsche Bank Securities Inc., Mizuho Securities USA Inc., Barclays, Citigroup Global Markets Inc., PNC Capital Markets LLC, TD Securities (USA) LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to repay a portion of the amount outstanding under the company’s revolving credit facility.

The Woodlands, Texas-based Western Gas Partners owns, develops and operates U.S. midstream energy assets.

Issuer:	Western Gas Partners, LP
Amount:	$500 million
Maturity:	July 1, 2026
Securities:	Senior notes
Bookrunners:	Deutsche Bank Securities Inc., Mizuho Securities USA Inc., Barclays, Citigroup Global Markets Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, Wells Fargo Securities LLC
Co-managers:	Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co., LLC, RBC Capital Markets LLC
Coupon:	4.65%
Price:	99.796
Yield:	4.676%
Spread:	Treasuries plus 320 bps
Call feature:	Make-whole call before April 1, 2026 at Treasuries plus 50 bps; on or after April l, 2026 at amount equal to principal plus accrued and unpaid interest
Pricing date:	June 30
Settlement date:	July 12
Ratings:	Moody’s: Ba1
	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered

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