WASHINGTON (dpa-AFX) - Western Gas Partners, LP (WES) said Monday that it has completed the acquisition of certain midstream assets from Anadarko Petroleum Corp. (APC) for total consideration of about $483 million. Under the deal, Western Gas acquired Anadarko's 100% ownership interest in Mountain Gas Resources LLC, which owns the Red Desert Complex, a 22% interest in Rendezvous Gas Services, L.L.C., and related facilities.
To manage the commodity-price risk associated with these assets, the Partnership and Anadarko entered into five-year, fixed-price commodity swap agreements. The acquisition was financed through about $160 million of cash on hand, a $300 million draw on the Partnership's revolving credit facility, and the issuance of 632,783 common units to Anadarko and 12,914 general partner units to Western Gas Holdings, LLC, the Partnership's general partner.
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