Published on 8/3/2022 in the Prospect News Investment Grade Daily.
New Issue: Williams prices $1.75 billion of senior notes due 2032, 2052
By Wendy Van Sickle
Columbus, Ohio, Aug. 3 – Williams Cos. Inc. priced $1.75 billion of senior notes (Baa2/BBB/BBB) in two tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $1 billion of 4.65% 10-year notes at 99.635 to yield 4.696% and a spread 195 basis points over Treasuries.
A $750 million tranche of 5.3% 30-year notes priced at 99.954 to yield 5.303%, or 230 bps over Treasuries.
BofA Securities, Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., CIBC World Markets Corp., Credit Suisse Securities (USA) LLC, MUFG, RBC Capital Markets, LLC and TD Securities (USA) LLC are joint bookrunning managers.
Proceeds will be used to repay or redeem the company’s 2.25% notes due 2020 and purchase up to $500 million of its 2.75% senior notes due 2022 and its 4.2% senior notes due 2022 in a tender offer, as well as for general corporate purposes.
Tulsa, Okla.-based Williams provides infrastructure for the delivery of natural gas products.
| Issuer: | Williams Cos. Inc.
|
| Amount: | $1.75 billion
|
| Issue: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., CIBC World Markets Corp., Credit Suisse Securities (USA) LLC, MUFG, RBC Capital Markets, LLC and TD Securities (USA) LLC
|
| Co-managers: | Barclays, BOK Financial Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Trade date: | Aug. 3
|
| Settlement date: | Aug. 8
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| Ratings: | Moody’s: Baa2
|
| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
|
|
|
| 10-year notes
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| Amount: | $1 billion
|
| Maturity: | Aug. 15, 2032
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| Coupon: | 4.65%
|
| Price: | 99.635
|
| Yield: | 4.696%
|
| Spread: | Treasuries plus 195 bps
|
| Call features: | Make-whole call before May 15, 2032 at Treasuries plus 30 bps; thereafter at par
|
| Cusip: | 69457BZ2
|
|
|
| 30-year notes
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| Amount: | $750 million
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| Maturity: | Aug. 15, 2052
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| Coupon: | 5.3%
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| Price: | 99.954
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| Yield: | 5.303%
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| Spread: | Treasuries plus 230 bps
|
| Call features: | Make-whole call before Feb. 15, 2052 at Treasuries plus 35 bps; thereafter at par
|
| Cusip: | 969457CA6
|
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