Williams Partners enters into $1 billion two-year credit agreement

By Tali Rackner

Norfolk, Va., Aug. 28 – Williams Partners LP entered into a $1 billion credit agreement on Wednesday with administrative agent Barclays Bank plc, according to an 8-K filing with the Securities and Exchange Commission.

The agreement matures on Aug. 24, 2016.

Interest is equal to Libor plus an applicable margin based on ratings. The commitment fee is based on the unused portion of the credit facility and is currently 17.5 basis points.

The credit agreement contains various covenants that limit, among other things, the partnership’s and its respective material subsidiaries’ ability to grant certain liens supporting debt, its ability to merge or consolidate, sell all or substantially all of its assets in certain circumstances, enter into certain affiliate transactions, make certain distributions during an event of default, enter into certain restrictive agreements and allow any material change in the nature of its business.

Williams Partners is a master limited partnership that owns interests in three natural gas pipelines. It is 60% owned by Williams Cos., Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.