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.

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