Western Midstream Operating holds investor calls for five-part offering of senior notes

By Cristal Cody

Tupelo, Miss., Jan. 8 – Western Midstream Operating, LP (Ba1/BBB-/BBB-) held fixed income investor calls on Wednesday for a five-tranche offering of senior notes, according to market sources.

The company announced the registered offering on Tuesday.

Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and PNC Capital Markets LLC are the bookrunners.

The notes will have make-whole and par calls and feature a change-of-control put at 101%.

The issue also has covenants that limit the company’s ability to create liens on its principal properties, engage in sale and leaseback transactions or merge or consolidate with another entity.

Proceeds from the deal will be used to repay and terminate the company’s $3 billion term loan credit facility with any remaining proceeds to be used for general partnership purposes.

The Woodlands, Tex.-based company owns, develops and operates midstream energy assets.

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