Western Gas prepares to price add-on to 5.45% senior notes due 2044

By Cristal Cody

Eureka Springs, Ark., Oct. 6 – Western Gas Partners, LP plans to tap its 5.45% senior notes due April 1, 2044, according to a 424B3 filing with the Securities and Exchange Commission on Thursday.

The company originally sold $400 million of the notes on March 11, 2014 at 98.443 to yield 5.557%, or Treasuries plus 185 basis points.

Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the bookrunners for the reopening.

Proceeds will be used to repay borrowings outstanding under the company’s revolving credit facility, and any remaining proceeds will be used for general partnership purposes.

The Woodlands, Texas-based company owns, develops and operates midstream energy assets in the United States.

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