HOUSTON, Mar 25, 2011 (BUSINESS WIRE) -- Western Gas Partners, LP (NYSE: WES) today announced that it has entered into a new $800 million, five-year unsecured revolving credit facility with a group of lenders.
"As we have significantly grown since we put our original facility in place in 2009, this new facility provides us with the financial flexibility to capitalize on larger opportunities as they arise," said Benjamin M. Fink, Senior Vice President and Chief Financial Officer. "We are very pleased with not only the attractive cost of capital, but also the quality of financial institutions who have continued to demonstrate their support for us."
The facility will be used to refinance certain existing debt, for capital expenditures, potential asset acquisitions, and other general corporate purposes. At closing, the Partnership borrowed $250 million under the facility to retire its three-year, $250 million term loan that served to finance part of the Partnership's acquisition of the Wattenberg assets from Anadarko in August 2010.
Seventeen financial institutions participated in the facility. Wells Fargo Bank, N.A., acted as Administrative Agent for the new facility and DNB NOR Bank ASA acted as Syndication Agent, with Bank of Montreal, Comerica Bank, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. 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. 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
Benjamin Fink, CFA, 832.636.6010
benjamin.fink@westerngas.com
