Western Midstream Partners, LP Announces Pricing of Notes Offering
September 27 2023 - 4:49PM
Business Wire
Today, Western Midstream Partners, LP (NYSE: WES) (“WES”)
announced that its subsidiary, Western Midstream Operating, LP
(“WES Operating”), has priced an offering of $600 million in
aggregate principal amount of 6.350% senior notes due 2029 at a
price to the public of 99.786% of their face value. The offering of
the senior notes is expected to close on September 29, 2023,
subject to the satisfaction of customary closing conditions. Net
proceeds from the offering are expected to be used to fund a
portion of the aggregate purchase price for WES’s pending
acquisition of Meritage Midstream Services II, LLC (the “Meritage
Acquisition”), to pay related costs and expenses and for general
partnership purposes.
The senior notes offering is not contingent on the completion of
the Meritage Acquisition, and the Meritage Acquisition is not
contingent on the completion of this offering. If the Meritage
Acquisition is not completed, then WES expects to use the portion
of the net proceeds of the offering that would have been allocated
to the purchase price for general partnership purposes.
Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche
Bank Securities Inc. and SMBC Nikko Securities America, Inc. are
acting as joint book-running managers for the offering. The
offering will be made only by means of a prospectus and related
prospectus supplement meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, copies of which may be obtained
from Barclays Capital Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, by phone at
1-888-603-5847 or by email at barclaysprospectus@broadridge.com;
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, or by phone (800)
831-9146; Deutsche Bank Securities Inc., Attn: Prospectus Group, 1
Columbus Circle, New York, NY 10019, by phone at 1-800-503-4611 or
by email at prospectus.CPDG@db.com; and SMBC Nikko Securities
America, Inc., 277 Park Avenue, New York, NY 10172, Attn: Debt
Capital Markets or by email: prospectus@smbcnikko-si.com. An
electronic copy of the prospectus and the related prospectus
supplement is available from the U.S. Securities and Exchange
Commission’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. The offer is being made only through the prospectus
as supplemented, which is part of a shelf registration statement
that became effective on March 30, 2023.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP (“WES”) is a Delaware master
limited partnership formed to acquire, own, develop, and operate
midstream assets. With midstream assets located in the Rocky
Mountains, North-central Pennsylvania, Texas, and New Mexico, WES
is engaged in the business of gathering, compressing, treating,
processing, and transporting natural gas; gathering, stabilizing,
and transporting condensate, natural gas liquids (“NGLs”), and
crude oil; and gathering and disposing of produced water for its
customers. In addition, in its capacity as a processor of natural
gas, WES also buys and sells natural gas, NGLs, and condensate on
behalf of itself and as an agent for its customers under certain of
its contracts.
This news release contains forward-looking statements. WES, WES
Operating and their general partners believe that their
expectations are based on reasonable assumptions. No assurance,
however, can be given that such expectations will prove to have
been correct. A number of factors could cause actual results to
differ materially from the projections, anticipated results or
other expectations expressed in this news release, including WES
Operating’s ability to close successfully on the senior notes
offering and to use the net proceeds as described herein. See “Risk
Factors” in WES’s and WES Operating’s Annual Reports on Form 10-K
for the year ended December 31, 2022, Quarterly Reports on Form
10-Q for the quarters ended March 31, 2023, and June 30, 2023, and
other public filings and press releases. Except as required by law,
neither WES nor WES Operating undertakes the obligation to publicly
update or revise any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230927427906/en/
Daniel Jenkins Director, Investor Relations
Daniel.Jenkins@westernmidstream.com 832.636.1009
Rhianna Disch Manager, Investor Relations
Investors@westernmidstream.com 866-512-3523
Western Midstream Partners (NYSE:WES)
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