Business Context and Reporting Period
Company: Western Midstream Partners, LP (WES)
Filing Type: Form 8-K (Current Report)
Date of Report: July 1, 2019
Event: Entry into a material definitive agreement regarding the amendment of a senior unsecured credit facility.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or liquidity metrics. It focuses exclusively on debt facility modifications.
| Metric | Value/Detail |
|---|---|
| Original Facility Size | $2.0 billion |
| Facility Increase | $1.0 billion |
| New Maximum Facility Size | $3.0 billion |
| Original Maturity Date | February 27, 2020 |
| New Maturity Date | December 31, 2020 |
| Draw Deadline | September 30, 2019 |
Material Changes
On July 1, 2019, Western Midstream Operating, LP (a subsidiary of the Partnership) amended its $2.0 billion 364-day senior unsecured credit agreement. The material changes include:
- Capacity Expansion: Increased the maximum size of the facility by $1.0 billion.
- Maturity Extension: Extended the maturity date from February 27, 2020, to December 31, 2020.
- Terms Modification: Modified certain mandatory prepayment terms.
Outlook, Risks, and Commentary
Management Commentary: The filing provides no specific management commentary on future operations or strategy beyond the execution of the credit amendment.
Risks and Contingencies: The filing notes that certain lenders and their affiliates have performed and may continue to perform financial advisory, commercial, and investment banking services for the Partnership, for which they receive customary fees. Affiliates may also act as underwriters for future debt and equity issuances.
Investor Verification Checklist
- Verify the full text of the First Amendment to the 364-Day Credit Agreement (Exhibit 10.1) for specific interest rate implications and covenants.
- Confirm the utilization status of the new $1.0 billion capacity by the September 30, 2019 deadline.
- Review the specific details of the modified mandatory prepayment terms to assess future cash flow obligations.
- Check subsequent filings for any drawdowns on the expanded facility.