New Issue: Transcontinental Gas Pipeline sells $75 million notes to yield Libor plus 128 bps

By Paul A. Harris

St. Louis, Dec. 14 - Transcontinental Gas Pipeline Corp. priced $75 million of floating-rate notes due April 15, 2008 (Ba2/B+) at par on Friday to yield three-month Libor plus 128 basis points, according to market sources.

The underwriters were RBS Greenwich Capital, Calyon Securities, Scotia Capital and WestLB.

Proceeds will be used to repay a portion of the existing $200 million 6 1/8% senior notes due Jan. 15, 2005.

The Tulsa, Okla.-based issuer is a subsidiary of The Williams Cos.

Issuer:	Transcontinental Gas Pipeline Corp.
Amount:	$75 million
Maturity:	April 15, 2008
Security description:	Floating-rate notes
Underwriters:	RBS Greenwich Capital, Calyon Securities, Scotia Capital, WestLB
Coupon:	Three-month Libor plus 128 basis points
Price:	Par
Yield:	Three-month Libor plus 128 basis points
Call protection:	Non-callable for life
Trade date:	Dec. 10
Settlement date:	Dec. 17
Ratings:	Moody's: Ba2
	Standard & Poor's: B+

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