Western Gas Partners LP and Vanguard Natural Resources LLC on Thursday priced public offerings of their common units.
Western Gas (NYSE: WES) is offering 4 million units at $22.25 per unit. Underwriters will get an additional 600,000 units to cover any over-allotments.
The company plans to use the proceeds to pay down debt. It has 63.5 million units outstanding.
UBS Investment Bank, Citi and Morgan Stanley are acting as joint book-running managers for the offering.
Meanwhile, Vanguard Natural Resources (NYSE: VNR) is offering 3.25 million units at $23 per unit. Underwriters will have up to 487,500 units at their disposal for over-allotments.
The company expects to receive $82.2 million in net proceeds if all shares are exercised. It will also use the funds to pay down debt.
Vanguard has 18.8 million units outstanding.
Citi, Wells Fargo Securities and RBC Capital Markets acted as joint book-running managers for the offering.
Western Gas and Vanguard are based in Houston.
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