Williams Partners L.P. Prices Common Units Public Offering
TULSA, Okla., Sept. 23 /PRNewswire-FirstCall/ -- Williams Partners L.P. (NYSE: WPZ) today announced that it priced a public offering of 9.25 million of its common units, representing limited-partner interests, at $42.40 per unit.
Williams Partners also granted the underwriters a 30-day option to purchase up to an additional 1,387,500 common units to cover any over-allotments.
Williams (NYSE: WMB) will make a cash contribution to Williams Partners in order to maintain its 2-percent general-partner interest in the partnership. As a result of the offering, Williams' limited-partner interest in the partnership will be reduced from its current level of approximately 78 percent to approximately 75 percent. It will be reduced further if the underwriters exercise their over-allotment option.
Williams Partners expects to use the net proceeds from the common unit public offering to repay borrowings under the partnership's credit facility that it used to fund the previously announced Overland Pass transaction, which closed on Sept. 9. Any excess net proceeds will be used for general partnership purposes.
Citi, Barclays Capital, BofA Merrill Lynch, Morgan Stanley, and Wells Fargo Securities are acting as joint book-running managers. In addition, Credit Suisse, Goldman Sachs & Co., J.P. Morgan, RBC Capital Markets, and UBS Investment Bank have been named as co-managing underwriters.
This news release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. A copy of the preliminary prospectus supplement and related base prospectus may be obtained on the SEC website at www.sec.gov or from any of the underwriters, including:
Citi |
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Attention: Prospectus Delivery Department |
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Brooklyn Army Terminal |
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140 58th Street, 8th floor |
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Brooklyn, NY 11220 |
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Toll free: 800-831-9146 |
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E-mail: [email protected] |
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Barclays Capital |
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c/o Broadridge Integrated Distribution Services |
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1155 Long Island Avenue |
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Edgewood, NY 11717 |
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Toll-free: 1-888-603-5847 |
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E-mail: [email protected] |
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BofA Merrill Lynch |
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4 World Financial Center |
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New York, NY 10080 |
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Attn: Prospectus Department |
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E-mail [email protected]. |
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Morgan Stanley |
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Attn: Prospectus Department |
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180 Varick Street, 2nd Floor |
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New York, NY 10014 |
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Email: [email protected] |
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Phone: 866-718-1649 |
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Wells Fargo Securities |
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Attn: Equity Syndicate Dept. |
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375 Park Avenue |
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New York, NY 10152 |
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E-mail: [email protected] |
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Phone: (800) 326-5897 |
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About Williams Partners L.P. (NYSE: WPZ)
Williams Partners L.P. is a leading diversified master limited partnership focused on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid (NGL) fractionation; and oil transportation. The partnership owns interests in three major interstate natural gas pipelines that, combined, deliver 12 percent of the natural gas consumed in the United States. The partnership's gathering and processing assets include large-scale operations in the U.S. Rocky Mountains and both onshore and offshore along the Gulf of Mexico. Williams (NYSE: WMB) owns approximately 80 percent of Williams Partners, including the general-partner interest. More information is available at www.williamslp.com. Go to http://www.b2i.us/irpass.asp?BzID=1296&to=ea&s=0 or http://www.b2i.us/irpass.asp?BzID=630&to=ea&s=0 to join our email list.
Portions of this document may constitute "forward-looking statements" as defined by federal law. Although the partnership believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the partnership's annual reports filed with the Securities and Exchange Commission.
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SOURCE Williams Partners L.P.
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