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HOUSTON--(BUSINESS WIRE)--Oct. 29, 2009--
Western Gas Partners, LP (NYSE: WES) today announced that it has entered
into a $350 million, three-year unsecured revolving credit facility with
a group of lenders.
"This new facility provides us with greater financial flexibility to
execute our strategy at an attractive cost of capital," said Benjamin M.
Fink, Senior Vice President and Chief Financial Officer. "We are very
pleased with the breadth and quality of the financial institutions
participating in the facility, and we appreciate their support."
The facility will be used to refinance certain existing debt, for
capital expenditures, potential asset acquisitions, and other general
corporate purposes. The Partnership has provided notice of its intent to
borrow $100 million under the facility on October 30, 2009 to retire its
three-year, $101.5 million, 7.00% note to Anadarko that served to
finance part of the Partnership's acquisition of gas processing assets
from Anadarko earlier this year.
Thirteen financial institutions participated in the facility. Wells
Fargo Bank, N.A., acted as Administrative Agent for the new facility and
Bank of America, N.A. and DNB NOR Bank ASA acted as Syndication Agents,
with the Bank of Nova Scotia and BNP Paribas 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 within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. 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.
Source: Western Gas Partners, LP
Western Gas Partners, LP
Chris Campbell, CFA, 832-636-6012
chris.campbell@westerngas.com