Western Midstream Partners priced $700M of 5.7% senior notes due 2036. Proceeds will repay existing debt and fund operations. The offering boosts the company's liquidity profile.
Western Midstream Partners (WES) priced $700 million of senior notes due 2036 at a 5.7% coupon, the company said. The notes mature April 2036 and pay interest semi-annually. Proceeds will repay outstanding debt under the company's revolving credit facility and fund general corporate purposes, according to the offering documents.
The debt markets have remained open for midstream energy issuers, and WES's offering follows a string of similar capital raises in the sector. The 5.7% coupon sits roughly in line with recent senior unsecured notes from investment-grade midstream peers.
The company had previously signaled it would refinance near-term maturities and support its capital expenditure program. The new notes extend the weighted average maturity of WES's debt stack. Moody's rates the company Ba1, one notch below investment grade, with a stable outlook.
AlphaScala assigns WES a moderate Alpha Score of 65 out of 100, reflecting its stable cash flow profile and moderate leverage. The score suggests the stock is fairly valued relative to its risk factors. For more details, see the WES stock page.
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