Business Context and Reporting Period
This Form 8-K was filed by Western Gas Equity Partners, LP on December 16, 2016. The report concerns a material definitive agreement entered into by its controlled subsidiary, Western Gas Partners, LP ("WES").
Key Financial Metrics
The filing details an amendment to WES's existing revolving credit facility with the following metrics:
- Credit Facility Size: $1.2 billion
- Administrative Agent: Wells Fargo Bank, National Association
- Original Expiration Date: February 26, 2019
- New Expiration Date: February 26, 2020
The filing text does not provide specific values for revenue, profit, cash flow, margins, or current debt utilization levels.
Material Changes
The primary material change is the extension of the credit agreement term by one year. All other material terms and conditions of the Credit Agreement remain in full force and effect. The filing notes that certain lenders and their affiliates have provided, and may continue to provide, financial advisory and investment banking services to the Partnership and WES for customary fees.
Outlook and Risks
Management commentary is limited to the execution of the amendment. The filing incorporates the full text of the Second Amendment to the Credit Agreement as Exhibit 10.1 for detailed terms. No specific guidance, risks, or contingencies beyond the standard disclosure of lender relationships are detailed in this summary text.
Investor Verification Checklist
- Verify the full text of the Second Amendment (Exhibit 10.1) for any covenants or fee adjustments not summarized in the 8-K.
- Confirm the current outstanding balance and utilization rate of the $1.2 billion facility in the most recent 10-Q or 10-K.
- Review the relationship between Western Gas Equity Partners, LP and Western Gas Partners, LP to understand the control structure.