Published on 5/12/2020 in the Prospect News Investment Grade Daily.
New Issue: Williams prices $1 billion 3.5% senior notes due 2030 at 287.5 bps over Treasuries
By Cristal Cody
Tupelo, Miss., May 12 – The Williams Cos. Inc. sold $1 billion of 3.5% senior notes due Nov. 15, 2030 (Baa3/BBB/BBB-) on Tuesday at 99.495 to yield 3.558%, or a spread of Treasuries plus 287.5 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 337.5 bps area.
The bookrunners were J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., Wells Fargo Securities, LLC, BBVA Securities Inc., CIBC World Markets Corp., PNC Capital Markets LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc.
Proceeds will be used to repay the company’s $600 million 4.125% senior notes due 2020 and for general corporate purposes.
Tulsa, Okla.-based Williams finds, produces, gathers, processes and transports natural gas.
| Issuer: | Williams Cos. Inc.
|
| Amount: | $1 billion
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| Description: | Senior notes
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| Maturity: | Nov. 15, 2030
|
| Bookrunners: | J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., Wells Fargo Securities, LLC, BBVA Securities Inc., CIBC World Markets Corp., PNC Capital Markets LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | Barclays, BofA Securities, Inc., BOK Financial Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC, MUFG, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and Tuohy Brothers Investment Research Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.495
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| Yield: | 3.558%
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| Spread: | Treasuries plus 287.5 bps
|
| Call feature: | Make-whole call before Aug. 15, 2030 at Treasuries plus 45 bps; thereafter at par
|
| Trade date: | May 12
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| Settlement date: | May 14
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| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 337.5 bps area
|
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