)--Western Gas Equity Partners, LP today announced that it has commenced an initial public offering of 15,000,000 common units representing limited partner interests pursuant to a registration statement on Form S-1 previously filed with the Securities and Exchange Commission (the "SEC"). Western Gas Equity Partners expects to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 common units. The common units will be listed on the New York Stock Exchange and traded under the symbol "WGP."
Western Gas Equity Partners is a Delaware master limited partnership formed to own three types of partnership interests in Western Gas Partners, LP (NYSE: WES), a publicly traded limited partnership ("WES"). WES is a growth-oriented Delaware master limited partnership organized by Anadarko Petroleum Corporation (NYSE: APC) to own, operate, acquire and develop midstream energy assets. Western Gas Equity Partners' only cash-generating assets consist of partnership interests in WES.
Barclays, Citigroup, Deutsche Bank Securities and Morgan Stanley are acting as joint book-running managers for the offering. The offering will be made only by means of a prospectus, copies of which may be obtained from:
When available, an electronic copy of the prospectus may be obtained from the SEC's website at www.sec.gov.
A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
This news release contains forward-looking statements. Western Gas Equity Partners and its general partner believe that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Western Gas Equity Partners' ability to successfully complete its initial public offering. See the "Risk Factors" included in the registration statement, in WES's Annual Report on Form 10-K for the year ended December 31, 2011 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 and in Western Gas Equity Partners' and WES's other public filings and press releases. Except as required by law, Western Gas Equity Partners undertakes no obligation to publicly update or revise any forward-looking statements.