WESTRN GAS CMN UTS : Western Gas Partners, LP Closes $800 Million Revolving Credit Facility
03/25/2011| 06:05am US/Eastern
Recommend:
Western Gas Partners, LP (NYSE: WES) today announced that it has entered
into a new $800 million, five-year unsecured revolving credit facility
with a group of lenders.
"As we have significantly grown since we put our original facility in
place in 2009, this new facility provides us with the financial
flexibility to capitalize on larger opportunities as they arise," said
Benjamin M. Fink, Senior Vice President and Chief Financial Officer. "We
are very pleased with not only the attractive cost of capital, but also
the quality of financial institutions who have continued to demonstrate
their support for us."
The facility will be used to refinance certain existing debt, for
capital expenditures, potential asset acquisitions, and other general
corporate purposes. At closing, the Partnership borrowed $250 million
under the facility to retire its three-year, $250 million term loan that
served to finance part of the Partnership's acquisition of the
Wattenberg assets from Anadarko in August 2010.
Seventeen financial institutions participated in the facility. Wells
Fargo Bank, N.A., acted as Administrative Agent for the new facility and
DNB NOR Bank ASA acted as Syndication Agent, with Bank of Montreal,
Comerica Bank, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. acting as
Documentation Agents.
Western Gas Partners, LP is a growth-oriented Delaware limited
partnership formed by Anadarko Petroleum Corporation (NYSE: APC) to own,
operate, acquire and develop midstream energy assets. With midstream
assets in East and West Texas, the Rocky Mountains and the
Mid-Continent, the Partnership is engaged in the business of gathering,
compressing, treating, processing and transporting natural gas for
Anadarko and other producers and customers. For more information about
Western Gas Partners, please visit www.westerngas.com.
This news release contains forward-looking statements. Western Gas
Partners believes that its 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. These factors
include the ability to satisfy the financial covenants and other
borrowing requirements of Western Gas Partners' new credit facility; the
ability to meet financial guidance or distribution growth expectations;
the ability to obtain new sources of natural gas supplies; the effect of
fluctuations in commodity prices and the demand for natural gas and
related products; and construction costs or capital expenditures
exceeding estimated or budgeted costs or expenditures, as well as other
factors described in the "Risk Factors" section of the Western Gas
Partners' Form 10-K filed with the Securities and Exchange Commission
and other public filings and press releases by Western Gas Partners.
Western Gas Partners undertakes no obligation to publicly update or
revise any forward-looking statements.
Western Gas Partners, LP
Benjamin Fink, CFA, 832.636.6010
benjamin.fink@westerngas.com
© Business Wire 2011
Recommend :
