Western Gas closes Springfield acquisition

Western Gas Partners LP (NYSE: WES) has closed its acquisition of Springfield Pipeline LLC from Anadarko Petroleum Corp.

The $750 million purchase price and certain purchase price adjustments were funded through net proceeds from the issuance of $449 million in aggregate amount of 8.5% perpetual convertible preferred units to First Reserve Advisors LLC and Kayne Anderson Capital Advisors LP; the issuance of 1,253,761 and 835,841 WES common units to Anadarko and Western Gas Equity Partners LP (NYSE: WGP), respectively; and $247.5 million of borrowings on its revolving credit facility. 

WGP funded its WES unit purchase by drawing on a secured revolving credit facility which also closed March 14.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...