Published on 11/12/2013 in the Prospect News Investment Grade Daily.
New Issue: Williams Partners sells $1 billion notes in 10-, 30-year tranches
By Aleesia Forni
Virginia Beach, Nov. 12 - Williams Partners LP priced $1 billion of senior notes (/BBB/BBB-) on Tuesday in tranches due 2023 and 2043, according to an informed source and an FWP filed with the Securities and Exchange Commission.
The sale included $600 million of 4.5% 10-year senior notes priced at Treasuries plus 180 basis points. Pricing was at 99.396 to yield 4.576%.
There was also $400 million of 5.8% 30-year senior notes sold with a spread of Treasuries plus 195 bps, or 99.339 to yield 5.847%.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. and Scotia Capital USA Inc. were the joint bookrunners.
The company intends to use the proceeds from the offering to repay amounts outstanding under its commercial paper program, to fund capital expenditures and for general partnership purposes.
Williams is a Tulsa, Okla.-based energy infrastructure company.
| Issuer: | Williams Partners LP
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., Scotia Capital USA Inc.
|
| Senior co-managers: | Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc.
|
| Co-managers: | BBVA Securities Inc., DNB Markets Inc., SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., BOSC Inc., TD Securities (USA) LLC
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 15
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Notes due 2023
|
| Amount: | $600 million
|
| Maturity: | Nov. 15, 2023
|
| Coupon: | 4.5%
|
| Price: | 99.396
|
| Yield: | 4.576%
|
| Spread: | Treasuries plus 180 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to Aug. 15, 2023, then callable at par
|
|
|
| Notes due 2043
|
| Amount: | $400 million
|
| Maturity: | Nov. 15, 2043
|
| Coupon: | 5.8%
|
| Price: | 99.339
|
| Yield: | 5.847%
|
| Spread: | Treasuries plus 195 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to May 15, 2043, then callable at par
|
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