logo
  Join        Login             Stock Quote

Western Gas Equity Partners Commences IPO

 December 03, 2012 07:35 AM
 


(By Balachander) Western Gas Equity Partners LP said it has launched an initial public offering of 15 million common units and estimates pricing to be between $19.00 and $21.00 per common unit. 

The limited partnership announced the commencement of IPO to sell common units in a regulatory filing, which did not disclose the pricing terms.

Texas-based Western Gas Equity had said it expects to receive net proceeds of roughly $282.5 million from the sale of common units.

The limited partnership expects to use the net proceeds to purchase roughly 5.77 million common units from Western Gas Partners LP (NYSE: WES) representing limited partner interests in WES for about $276.8 million.

[Related -7 Deep-Value Energy Leaders With 68% Upside]

Western Gas Partners is a growth-oriented Delaware master limited partnership formed by Anadarko (NYSE: APC) to own, operate, acquire and develop midstream energy assets.

Western Gas Equity also expects to make a capital contribution to WES on behalf of WES GP of around $5.7 million in exchange for 117,708 WES general partner units to maintain WES GP's 2.0 percent general partner interest in WES.

Net income attributable to Western Gas Equity was $35.45 million on revenue of $636.6 million for the nine months ended Sept. 30.

The company proposes to list its common units on the New York Stock Exchange under the symbol "WGP".

Barclays, Citigroup, Deutsche Bank Securities and Morgan Stanley are acting as joint book-running managers for the offering.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageSector Detector: Bulls Go Down Swinging, Refusing To Give Up Much Ground

Although the stock market displayed weakness last week as I suggested it would, bulls aren’t going down read on...

article imageThe Bumpy Road Ahead To Policy Normalization

When the dust clears from tomorrow’s Fed announcement, the crowd’s expecting that the slow but persistent read on...

article imageAnalyzing Performance Histories That Might Have Been

The trend in recent years of securitizing more of the world’s market betas offers investors, in theory, read on...

article imageBig Prints in VIX Calls

The CBOE Vix Index is in positive territory on Friday morning as shares in the S&P 500 Index move slightly read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.