Western Gas Equity Partners Closes Initial Public Offering

Western Gas Equity Partners, LP announced that it has closed its initial public offering of 17,181,000 common units representing limited partner interests in Western Gas Equity Partners at a price of $22.00 per common unit. In connection with the offering, the underwriters exercised in full their option to purchase an additional 2,577,150 common units from Western Gas Equity Partners. As a result, the total initial public offering size was 19,758,150 common units. Western Gas Equity Partners used the net proceeds from the offering to purchase from Western Gas Partners, LP (“WES”) 8,722,966 common units representing limited partner interests in WES at a price of $46.00 per unit, and make a corresponding capital contribution to WES, on behalf of Western Gas Holdings, LLC (“WES GP”), to allow WES GP to maintain its 2.0% general partner interest in WES. Western Gas Equity Partners is a Delaware master limited partnership formed to own three types of partnership interests in WES WES, a publicly traded limited partnership. WES is a growth-oriented Delaware master limited partnership organized by Anadarko Petroleum Corporation APC to own, operate, acquire and develop midstream energy assets. Western Gas Equity Partners' only cash-generating assets consist of partnership interests in WES.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsIPOs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!