# EDGAR Filing Document

**Accession Number:** 0001414475
**File Stem:** 0001193125-23-085760
**Filing Date:** 2023-3
**Character Count:** 6846
**Document Hash:** 3b266008cafb6f2700bc4de56949b744
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-085760.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001193125-23-085760

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western Midstream Operating, LP
- **CENTRAL INDEX KEY:** 0001414475
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION [4922]
- **IRS NUMBER:** 261075808
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-270964-01
- **FILM NUMBER:** 23781734

**BUSINESS ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DRIVE, SUITE 2800
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380
- **BUSINESS PHONE:** 346-786-5000

**MAIL ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DRIVE, SUITE 2800
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Gas Partners LP
- **DATE OF NAME CHANGE:** 20071011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Gas Partners
- **DATE OF NAME CHANGE:** 20071009
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western Midstream Operating, LP
- **CENTRAL INDEX KEY:** 0001414475
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION [4922]
- **IRS NUMBER:** 261075808
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DRIVE, SUITE 2800
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380
- **BUSINESS PHONE:** 346-786-5000

**MAIL ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DRIVE, SUITE 2800
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Gas Partners LP
- **DATE OF NAME CHANGE:** 20071011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Gas Partners
- **DATE OF NAME CHANGE:** 20071009

**FREE WRITING PROSPECTUS** 

**Filed Pursuant to Rule 433** 

**Registration No. 333-270964-01** 

**March 30, 2023** 

**WESTERN MIDSTREAM OPERATING, LP** 

**(the "Partnership")** 

**Pricing Term Sheet** 

**$750,000,000 6.150% Senior Notes due 2033 (the "Notes")** 

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| | |
|:---|:---|
| Issuer: | Western Midstream Operating, LP |
| Security Type: | Senior Unsecured Notes |
| Legal Format: | SEC Registered |
| Pricing Date: | March 30, 2023 |
| Settlement Date (T+3):\* | April 4, 2023 |
| Net Proceeds Before Expenses: | $743085000 |
| Maturity Date: | April 1, 2033 |
| Principal Amount: | $750000000 |
| Benchmark Treasury: | 3.500% due February 15, 2033 |
| Benchmark Treasury Price / Yield: | 99-15+ / 3.562% |
| Spread to Benchmark Treasury: | T+262.5 bps |
| Yield to Maturity: | 6.187% |
| Coupon: | 6.150% |
| Public Offering Price: | 99.728% of the principal amount |
| Optional Redemption: | Redeemable at any time before January 1, 2033 in an amount equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. Redeemable at any time on or after January 1, 2033 in an amount equal to the principal amount plus accrued and unpaid interest thereon to the redemption date. |

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| | |
|:---|:---|
| Interest Payment Dates: | April 1 and October 1, beginning on October 1, 2023 |
| CUSIP / ISIN: | 958667 AE7 / US958667AE72 |
| Expected Ratings (Moody's / S&P / Fitch):\*\* | Baa3 / BBB- / BB+ |
| Joint Book-Running Managers: | TD Securities (USA) LLC<br> MUFG Securities Americas Inc.<br> Wells Fargo Securities, LLC<br> Barclays Capital Inc.<br> BofA Securities, Inc.<br> Citigroup Global Markets Inc.<br> Mizuho Securities USA LLC<br> PNC Capital Markets LLC<br> SMBC Nikko Securities America, Inc.<br> U.S. Bancorp Investments, Inc.<br> Deutsche Bank Securities Inc. |
| Co-Managers: | RBC Capital Markets, LLC<br> Scotia Capital (USA) Inc.<br> Truist Securities, Inc.<br> Zions Direct, Inc.<br> Comerica Securities, Inc.<br> Stifel, Nicolaus & Company, Incorporated |

---

**\*** **It is expected that delivery of the notes in this offering will be made against payment therefor by purchasers in this offering on or about April 4, 2023, which is the third business day following the pricing date of the notes (such settlement cycle being referred to as T+3). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the second business day before the settlement date will be required, by virtue of the fact that the notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to the second business day before the settlement date should consult their own advisors.** 

\*\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The Partnership has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Partnership has filed with the SEC for more complete information about the Partnership and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at http://www.sec.gov. Alternatively, the Partnership, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling: TD Securities (USA) LLC toll-free at (855) 495-9846, MUFG Securities Americas Inc. toll-free at (877) 649-6848 and Wells Fargo Securities, LLC toll-free at (800) 645-3751.

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This Term Sheet is qualified in its entirety by reference to the related preliminary prospectus supplement dated March 30, 2023 (the "Preliminary Prospectus Supplement"). The information in this Term Sheet supplements the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement.