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Western Gas Equity Partners LP Announces Pricing Of Initial Public Offering


Thursday, 6 Dec 2012 06:43pm EST 

Western Gas Equity Partners LP announced that it has priced its initial public offering of 17,181,000 common units representing limited partner interests at $22.00 per common unit. Western Gas Equity Partners has granted the underwriters a 30-day option to purchase up to an additional 2,577,150 common units to cover over-allotments. The common units are expected to begin trading on the New York Stock Exchange under the symbol “WGP” on December 7, 2012. The offering is expected to settle and close on December 12, 2012. Western Gas Equity Partners intends to use the net proceeds from the offering to purchase from Western Gas Partners, LP (WES) 7,575,462 common units representing limited partner interests in WES at a price of $46.00 per unit, and to 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. Any net proceeds from the exercise of the underwriters’ over-allotment option will be used to purchase from WES additional common units and a corresponding number of general partner units. 

Company Quote

60.5
-1.78 -2.86%
12 Sep 2014