HOUSTON (AP) - Western Gas Partners LP said Wednesday it has finished
issuing common units under an overallotment option, giving the recently public
company an additional $31.8 million in proceeds.
The Woodlands, Texas-based company, which was formed by Anadarko Petroleum
Corp. in August 2007 to own and operate some of its midstream assets, went
public last month in an offering that raised about $309.4 million, before
expenses.
The company's underwriters exercised an option to buy additional units,
purchasing 2.1 million for about $34 million, not counting discounts and fees.
After the most recent sale, about 38 percent of the limited partner interest
is held by the public. Anadarko owns the rest of the company.
UBS Investment Bank, Citi, Credit Suisse and Morgan Stanley led a large team
of underwriters that also included Banc of America Securities; Goldman, Sachs &
Co.; JPMorgan; Lehman Brothers and Wachovia Securities, among others.
Western Gas shares rose 35 cents, or 2.2 percent, to $16.50 in afternoon
trading.
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