---
schema_version: "secwatch.filing_event.v1"
accession: "0001414475-23-000005"
form_type: "8-K"
ticker: null
cik: "0001414475"
company_name: "Western Midstream Operating, LP"
filed_at: "2023-04-10T23:59:59+00:00"
generated_at: "2026-06-17T04:03:08.691118+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Western Midstream Operating enters $2B revolving credit facility, maturing 2028

## Summary
- $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.

## SEC filing metadata
- accession: 0001414475-23-000005
- form_type: 8-K
- cik: 0001414475
- company_name: Western Midstream Operating, LP
- filed_at: 2023-04-10T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1414475/000141447523000005/0001414475-23-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1414475/000141447523000005/wes-20230406.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001414475-23-000005
- JSON: https://secwatch.observer/filing/0001414475-23-000005.json
- Plain text: https://secwatch.observer/filing/0001414475-23-000005.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1414475/000141447523000005/0001414475-23-000005-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1414475/000141447523000005/0001414475-23-000005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.