HOUSTON, Mar 31, 2011 (BUSINESS WIRE) -- Western Gas Partners, LP (NYSE: WES) today announced that it has closed the issuance of 302,813 common units representing limited partner interests under the partial exercise of the 532,500 common unit over-allotment option granted to the underwriters in connection with its recent public offering of 3,550,000 common units. Aggregate net proceeds from the offering of approximately $132.5 million (including from the partial exercise of the over-allotment option and from a proportionate capital contribution by the partnership's general partner and after deducting underwriting discounts and commissions and estimated offering expenses payable by the partnership) are expected to be used to repay amounts outstanding under the partnership's revolving credit facility.
Citi, Barclays Capital, Morgan Stanley and RBC Capital Markets acted as joint book-running managers for the offering. The offering was made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, Attention: Prospectus Dept., or by calling (800) 831-9146 or by emailing BATProspectusdept@citi.com; Barclays Capital, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (888) 603-5847 or by emailingBarclaysprospectus@broadridge.com; Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Dept., or by calling (866) 718-1649 or by emailingprospectus@morganstanley.com; or RBC Capital Markets, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attention: Equity Syndicate, or by calling (877) 822-4089. An electronic copy of the prospectus and 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 August 17, 2009.
This news release contains forward-looking statements. Western Gas Partners and its general partner 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 Western Gas Partners' ability to use the net proceeds from the offering as indicated in this news release. See "Risk Factors" in Western Gas Partners' Annual Report on Form 10-K for the year ended December 31, 2010 and other public filings and press releases. Except as required by law, Western Gas Partners undertakes no obligation to publicly update or revise any forward-looking statements.
SOURCE: Western Gas Partners, LP
Western Gas Partners, LP
Benjamin Fink, CFA, 832.636.6010
SVP & Chief Financial Officer
benjamin.fink@westerngas.com
