By Andrea Heisinger
New York, Nov. 2 - Williams Partners LP priced an upsized $600 million of 4.125% 10-year senior notes on Tuesday to yield Treasuries plus 153 basis points, an informed source said.
The size was increased at the launch from $500 million.
The notes (Baa3/BBB-/BBB-) were sold at 99.991 to yield 4.126%. They are callable at a make-whole amount of 25 bps over Treasuries before Aug. 15, 2020 and afterward at par.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBC Capital Markets Corp. were the bookrunners.
Co-managers were Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC, Williams Capital Group LP and U.S. Bancorp Investments, Inc.
The proceeds are being used to fund a small portion of the cash consideration made in the $782 million acquisition of Midstream Piceance.
The owner and operator of energy assets is based in Tulsa, Okla.
| Issuer: | Williams Partners LP
|
| Issue: | Senior notes
|
| Amount: | $600 million, upsized from $500 million
|
| Maturity: | Nov. 15, 2020
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets Corp.
|
| Co-managers: | Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC, Williams Capital Group LP, U.S. Bancorp Investments, Inc.
|
| Coupon: | 4.125%
|
| Price: | 99.991
|
| Yield: | 4.126%
|
| Spread: | Treasuries plus 153 bps
|
| Call: | Make-whole at Treasuries plus 25 bps before Aug. 15, 2020, then at par
|
| Trade date: | Nov. 2
|
| Settlement date: | Nov. 9
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
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