By Paul A. Harris
St. Louis, Sept. 8 - The Williams Co. Credit-Linked Certificate Trust priced an upsized, restructured $700 million five-year credit-linked certificates transaction (B1/B+) on Thursday, according to market sources.
The company priced an upsized $500 million tranche of fixed-rate notes at par to yield 6 3/8%. Price talk was 6¼% to 6 3/8%. The tranche was upsized from $350 million.
Williams also added a $200 million tranche of floating-rate notes that priced at par to yield three-month Libor plus 200 basis points.
Citigroup ran the books for the Rule 144A-for-life offering.
The certificates have an effective senior unsecured ranking.
The combined offering was upsized to $700 million from $350 million.
The issuer is a Tulsa, Okla, natural gas company.
| Issuer: | Williams Co. Credit-Linked Certificate Trust
|
| Amount: | $700 million (increased from $350 million)
|
| Maturity: | Oct. 1, 2010
|
| Security description: | Credit-linked certificates
|
| Bookrunner: | Citigroup
|
| Trade date: | Sept. 8
|
| Settlement date: | Sept. 20
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
|
|
| Fixed-rate tranche
|
| Amount: | $500 million (increased from $350 million)
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Call protection: | Non-callable for life
|
| Price talk: | 6¼%-6 3/8%
|
|
|
| Floating-rate tranche
|
| Amount: | $200 million
|
| Coupon: | Three-month Libor plus 200 basis points
|
| Price: | Par
|
| Yield: | Three-month Libor plus 200 basis points
|
|
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