Western Gas Partners Down 5% on Common Unit Offering
Western Gas Partners (NYSE: WES) is trading lower on the session following yesterday's announcement of a 5M common unit offering. The company said it is expecting to use the proceeds for general purposes including capital expenditures.
Earlier today, Western Gas Partners announced that the offering is priced at $43.88 per unit. Barclays, Citigroup, Deutsche Bank Securities, Morgan Stanley and RBC Capital Markets are acting as joint book-running managers for the offering.
Western Gas Partners is currently trading at $43.25, a loss of $2.15 or 4.74% intraday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.