
A subsidiary of Western Midstream Partners LP has priced senior notes due 2029 at $600 million. (Source: Shutterstock)
A subsidiary of Western Midstream Partners LP has priced senior notes due 2029 at $600 million, the company said in a Sept. 27 news release.
The aggregate principal amount of 6.350% are available to the public at a price that is 99.786% of their face value. The offering is expected to close Sept. 29, subject to customary closing conditions.
Net proceeds from the offering are expected to be used to fund a portion of the aggregate purchase price for Western Midstream’s pending $885 million acquisition of Meritage Midstream Services II LLC and to pay related costs and expenses as well as for general partnership purposes. The acquisition was announced in early September.
The senior notes offering is not contingent on the completion of the Meritage acquisition, and the Meritage deal is not contingent on the completion of this offering. If the Meritage acquisition is not completed, then Western Midstream said it expects to use the offering’s net proceeds 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.
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