Western Gas Partners LP (WES) IPO Trades Flat

May 9, 2008 9:58 AM EDT

The IPO for Western Gas Partners, LP (NYSE: WES) is open for trading. The stock is trading at $16.47 after pricing 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.

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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IPOs

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Related Entities

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

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