Western Gas Partners LP (WES) IPO Prices at $16.50

May 9, 2008 9:27 AM EDT

Western Gas Partners, LP (NYSE: WES) announced the pricing of its initial public offering of 18,750,000 common units representing limited partner interests at $16.50 per common unit. The underwriters have been granted a 30-day option to purchase up to an additional 2,812,500 common units. The common units will begin trading on today on the NYSE under the symbol "WES."

UBS Investment Bank, Citi, Credit Suisse and Morgan Stanley acted as joint book-running managers of the offering. Banc of America Securities LLC, Goldman, Sachs & Co., JPMorgan, Lehman Brothers and Wachovia Securities acted as senior co-managers, and Scotia Capital, Bear, Stearns & Co. Inc., Friedman Billings Ramsey and Stifel Nicolaus acted as co-managers, for the offering.

Upon conclusion of the offering, the public will own an approximate 35% limited partner interest in Western Gas Partners, or an approximate 40% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Anadarko Petroleum Corporation (NYSE: APC) will own the remaining equity interests in Western Gas Partners, including the general partner interest.

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• Credit Suisse
• Stifel Nicolaus
• UBS
• JPMorgan
• Citi
• Morgan Stanley
• Lehman Brothers
• Wachovia
• Banc of America
• Friedman, Billings, Ramsey

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