By Andrea Heisinger
New York, Aug. 9 - Williams Partners LP sold $750 million of 3.35% 10-year senior notes on Thursday at a spread of 170 basis points over Treasuries, a market source said.
The deal was sold at the tight end of talk in the 175 bps area, plus or minus 5 bps.
The notes (Baa2/BBB/BBB-) were priced at 99.975 to yield 3.353%. There is a make-whole call at 25 bps over Treasuries until May 15, 2022 and a par call after that date.
UBS Securities LLC, RBS Securities Inc. and Wells Fargo Securities LLC were the active bookrunners. Passive bookrunners were Credit Agricole Securities USA Inc. and RBC Capital Markets LLC.
Co-managers were DNB Markets, Inc., Mitsubishi UFJ Securities (USA), Inc., SMBC Nikko Capital Markets Ltd. and U.S. Bancorp Investments, Inc.
Proceeds will be used to repay amounts under a credit facility and for general partnership purposes.
Williams, a Tulsa, Okla.-based energy infrastructure company, was last in the market with a $500 million offering of 4% 10-year notes priced at 200 bps over Treasuries on Nov. 14, 2011.
| Issuer: | Williams Partners LP
|
| Issue: | Senior notes
|
| Amount: | $750 million
|
| Maturity: | Aug. 15, 2022
|
| Bookrunners: | UBS Securities LLC, RBS Securities Inc., Wells Fargo Securities LLC (active), Credit Agricole Securities USA Inc., RBC Capital Markets LLC (passive)
|
| Co-managers: | DNB Markets, Inc., Mitsubishi UFJ Securities (USA), Inc., SMBC Nikko Capital Markets Ltd., U.S. Bancorp Investments, Inc.
|
| Coupon: | 3.35%
|
| Price: | 99.975
|
| Yield: | 3.353%
|
| Spread: | Treasuries plus 170 bps
|
| Call: | Make-whole at Treasuries plus 25 bps until May 15, 2022, par call after
|
| Trade date: | Aug. 9
|
| Settlement date: | Aug. 14
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB-
|
| Price talk: | 175 bps area, plus or minus 5 bps
|
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