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Williams Partners plans bond offering to help finance restructuring
By Andrea Heisinger
New York, Jan. 19 - Williams Partners LP is planning a bond offering to fund the cash portion of a restructuring of Williams Cos. Inc. regarding Williams Pipeline Partners LP, according to a press release from the company on Tuesday.
Timing for the deal has not been decided, a market source said.
Williams Cos. plans to contribute its gas pipeline and domestic midstream businesses, plus its interests in Williams Pipeline Partners. The company will be known as Williams Partners following the restructuring that is valued at about $12 billion.
The partnership expects to achieve investment-grade ratings following completion of an asset contribution and the bond offering.
Williams Cos. and its natural gas subsidiaries are based in Tulsa, Okla.
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