Subsequent Events

12 Months Ended

Dec. 31, 2019

16. SUBSEQUENT EVENTS

In January 2020, WES Operating issued the following notes:

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$1.0 billion in aggregate principal amount of 3.100% Senior Notes due 2025, $1.2 billion in aggregate principal amount of 4.050% Senior Notes due 2030, and $1.0 billion in aggregate principal amount of 5.250% Senior Notes due 2050, offered to the public at prices of 99.962%, 99.900%, and 99.442%, respectively, of the face amount (collectively referred to as the “Senior Notes”). Interest is paid on each such series semi-annually on February 1 and August 1 of each year, beginning August 1, 2020; and

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$300.0 million in aggregate principal amount of floating rate Senior Notes due 2023 (the “Floating Rate Notes”). Interest is paid quarterly in arrears on January 13, April 13, July 13, and October 13 of each year, beginning April 13, 2020. Interest will accrue from January 13, 2020 at a benchmark rate (which will initially be a three-month LIBOR rate) on the interest determination date plus 0.85%.

The interest payable on the Senior Notes and Floating Rate Notes will be subject to adjustment from time to time if the credit rating assigned to the notes declines below certain specified levels or if it declines and subsequently increases.

The net proceeds from the Senior Notes and Floating Rate Notes were used to repay the $3.0 billion outstanding borrowings under the Term loan facility, outstanding amounts under the RCF, and for general partnership purposes.