Western Midstream Operating, LP 8-K

What Happened

• Western Midstream Operating, LP announced and completed a public offering on June 25, 2026 of $700,000,000 aggregate principal amount of 5.700% Senior Notes due July 1, 2036. The notes were issued under the Partnership’s existing Indenture (supplemented by a Sixteenth Supplemental Indenture) and accrue interest from June 25, 2026, payable semi‑annually on January 1 and July 1 (first payment January 1, 2027). The offering price to the public was 99.705% of par.

Key Details

• Principal amount: $700,000,000; coupon: 5.700%; maturity: July 1, 2036.
• Interest accrues from June 25, 2026; payments due Jan 1 and July 1 each year (first payment Jan 1, 2027).
• Use of proceeds: repay borrowings under the revolving credit facility and commercial paper (including borrowings used for the Brazos Delaware II, LLC acquisition) and for general partnership purposes and capital expenditures.
• Indenture highlights: notes are senior unsecured obligations, rank equally with other senior debt, contain covenants limiting liens, sale‑leasebacks, mergers/consolidations and transfers of substantially all assets; initially not guaranteed by subsidiaries but certain subsidiaries would be required to guarantee if they become borrowers/guarantors under the Partnership’s revolving credit facility.
• Underwriters/representatives: TD Securities (USA) LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and MUFG Securities Americas Inc.; trustee is Computershare Trust Company, National Association.

Why It Matters

• This filing documents a material new long‑term debt issuance that increases the Partnership’s fixed‑rate debt by $700M and provides immediate liquidity to repay shorter‑term borrowings (revolver and commercial paper). For investors, that affects the Partnership’s capital structure and interest obligations (a fixed 5.700% coupon through 2036) and may change leverage metrics depending on how proceeds are applied.
• The Indenture’s covenants and potential future subsidiary guarantees are important operational limits and could affect flexibility (liens, major asset sales, mergers). The notes are senior unsecured, so their ranking relative to other debt is a key factor in credit considerations.