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Williams $800 million revolver to close mid-June
By Sara Rosenberg
New York, June 4 - Williams anticipates obtaining a new $800 million two-year revolving credit facility by mid-June. Citigroup Global Markets Inc. and Banc of America Securities LLC are joint lead arrangers and joint book runners on the deal.
Interest on the Tulsa, Okla. energy company's revolver will be at current market rates, according to a company spokesman who declined to reveal the exact spread over Libor.
The revolver will be used primarily for the issuance of letters of credit and will replace an existing $1.1 billion credit facility comprised of a $700 million revolver and a $400 million letter of credit facility that was obtained last summer.
Cash collateral backs the new facility, releasing the midstream assets that were used as security for the existing $1.1 billion facility. The cash collateral would be posted to the extent that letters of credit are issued under the facility.
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