Western Midstream Operating, LP: debt financing — Western Midstream Operating enters $2B revolving credit facility, maturing 2028

Western Midstream Operating, LP

$2B unsecured revolver, can increase to $2.5B; matures April 6, 2028 with two one-year extension options.
Subfacilities: $75M letters of credit, $200M swingline loans.
Interest: Adjusted Term SOFR + 1.00%-1.70% or base rate + 0%-0.70%; facility fee 0.125%-0.300%.
Financial covenant: max consolidated leverage ratio 5.00x (5.50x for 270 days post-acquisition).
Replaces Third Amended and Restated Revolving Credit Agreement dated February 15, 2018.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Western Midstream Operating, LP incurred revolving credit of an aggregate principal amount of up to $2 billion with Wells Fargo Bank, National Association, as administrative agent, and certain financial institutions as lenders at Adjusted Term SOFR plus an applicable margin ranging from 1.00% to 1.70% or an a maturing April 6, 2028.

Instrument: revolving credit
Principal: an aggregate principal amount of up to $2 billion
Counterparty: Wells Fargo Bank, National Association, as administrative agent, and certain financial institutions as lenders
Rate: Adjusted Term SOFR plus an applicable margin ranging from 1.00% to 1.70% or an a
Maturity: April 6, 2028
Event: incurrence

Exact text from the filing

Agreement dated as of February 15, 2018, and provides for a five-year unsecured revolving credit facility (the “Revolving Facility”) in an aggregate principal amount of up to $2 billion, with a subfacility for standby letters of credit in an aggregate amount of up to $75 million and a subfacility for swingline loans in an aggregate amount of up to $200 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Western Midstream Operating, LP entered into Fourth Amended and Restated Revolving Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and certain financial institutions as lenders valued at $2 billion (effective 2023-04-06).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent, and certain financial institutions as lenders
Value: $2 billion
Effective: 2023-04-06

Exact text from the filing

On April 6, 2023, Western Midstream Operating, LP (“WES Operating”), a subsidiary of Western Midstream Partners, LP (“WES”), entered into that certain Fourth Amended and Restated Revolving Credit Agreement (the “Fourth A&R Credit Agreement”), by and among itself, Wells Fargo Bank, National Association, as administrative agent, and certain financial institutions as lenders.

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Source: SEC EDGAR

accession 0001414475-23-000005

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