Western Gas Partners to buy Springfield Pipeline from Anadarko for $750 mln

Publicly traded Western Gas Partners LP agreed to acquire a 100 percent interest in Springfield Pipeline LLC from Anadarko Petroleum Corp for $750 million. Springfield owns a 50.1 percent share in an oil and gas gathering system in south Texas. Western Gas will finance the purchase through the issuance of 8.5 percent perpetual convertible preferred units valued at $449 million to First Reserve Advisors LLC and Kayne Anderson Capital Advisors LP. It will also issue Western Gas common units at $29.91 each to Anadarko and Western Gas Equity Partners LP and it will borrow $247.5 million on its revolving credit facility.

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