Western Gas Equity Partners, LP Announces Closing of Initial Public Offering
and Full Exercise of Underwriters’ Option to Purchase Additional Common
HOUSTON -- December 12, 2012
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 (NYSE: WES), a publicly traded
limited partnership. WES is a growth-oriented Delaware master limited
partnership organized by Anadarko Petroleum Corporation (NYSE: APC) to own,
operate, acquire and develop midstream energy assets. Western Gas Equity
Partners’ only cash-generating assets consist of partnership interests in WES.
Barclays, Citigroup, Deutsche Bank Securities and Morgan Stanley acted as
joint book-running managers for the offering. The offering was made only by
means of a prospectus, copies of which may be obtained from:
c/o Broadridge Financial Solutions c/o Broadridge Financial Solutions
1155 Long Island Ave. 1155 Long Island Ave.
Edgewood, NY 11717 Edgewood, NY 11717
Toll-Free: (888) 603-5847 Toll-Free: (800) 831-9146
Deutsche Bank Securities Morgan Stanley
60 Wall Street Attention: Prospectus Department
New York, NY 10005-2836 180 Varick Street, 2^nd Floor
Attention: Prospectus Group New York, NY 10014
Toll-Free: (800) 503-4611 Toll-Free: (866) 718-1649
An electronic copy of the prospectus may be obtained from the Securities and
Exchange Commission’s (the “SEC”) website at www.sec.gov.
A registration statement relating to these securities has been filed with, and
declared effective by, the SEC. 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.
Western Gas Equity Partners, LP
Benjamin Fink, CFA, 832-636-6010
SVP, Chief Financial Officer & Treasurer
Press spacebar to pause and continue. Press esc to stop.