Offering by Western Gas Partners to raise $130.9M

AP News
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Posted: Dec 03, 2009 5:07 PM

Western Gas Partners LP said Thursday it would offer 6 million common units in the partnership, and use the proceeds to repay borrowings under its $350 million line of credit.

The company also will use some proceeds for capital spending and acquisitions. Based on Thursday's closing share price of $18.97, the offering could raise $130.9 million.

Western Gas Partners said underwriters will be allowed to buy another 900,000 units if demand exceeds initial supply.

The company's shares fell 99 cents, or 5.2 percent, to $17.98 in late trading after the announcement.