HOUSTON, Aug. 15,
2024 /PRNewswire/ -- Western Midstream Partners, LP
(NYSE: WES) ("WES") announced today that its subsidiary,
Western Midstream Operating, LP ("WES Operating"), has priced an
offering of $800 million in aggregate
principal amount of 5.45% senior notes due 2034 at a price to the
public of 99.743% of their face value. The offering of the senior
notes is expected to close on August 20,
2024 subject to the satisfaction of customary closing
conditions. Net proceeds from the offering are expected to be used
to repay a portion of WES Operating's maturing 3.100% Senior
Notes due 2025 and 3.950% Senior Notes due 2025, and for general
partnership purposes, including the funding of capital
expenditures.
TD Securities (USA) LLC, BofA
Securities, Inc., MUFG Securities Americas Inc. and PNC Capital
Markets LLC 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 TD Securities (USA) LLC, 1 Vanderbilt Avenue, 11th Floor,
New York, NY 10017 or by phone at
(855) 495-9846; BofA Securities, Inc., 201 North Tyron Street,
NC1-022-02-25, Charlotte, NC
28255, Attn: Prospectus Department, by phone at (800) 294-1322 or
by email at dg.prospectus_requests@bofa.com; MUFG Securities
Americas, Inc., 1221 Avenue of the Americas, 6th Floor,
New York, NY 10020 or by phone at
(877) 649-6848; and PNC Capital Markets LLC, 300 Fifth Avenue, 10th
Floor, Pittsburgh, PA 15222 or by
phone at (855) 881-0697. 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
WES is a master limited partnership formed to develop, acquire,
own, and operate midstream assets. With midstream assets located in
Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the
business of gathering, compressing, treating, processing, and
transporting natural gas; gathering, stabilizing, and transporting
condensate, natural-gas liquids, and crude oil; and gathering and
disposing of produced water for its customers. In its capacity as a
natural-gas processor, WES also buys and sells natural gas,
natural-gas liquids, and condensate on behalf of itself and its
customers under certain gas processing contracts. A substantial
majority of WES's cash flows are protected from direct exposure to
commodity price volatility through fee-based 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, 2023,
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, and June
30, 2024, 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.
WESTERN MIDSTREAM CONTACTS
Daniel Jenkins
Director, Investor Relations
Investors@westernmidstream.com
866-512-3523
Rhianna Disch
Manager, Investor Relations
Investors@westernmidstream.com
866-512-3523
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SOURCE Western Midstream Partners, LP
