Williams Partners talks $600 million 10-year notes at 7 3/8% area

By Paul A. Harris

St. Louis, Dec. 5 - Williams Partners LP closed the books Tuesday on its $600 million offering of 10-year senior notes (Ba3/BB-/BB) and talked the notes at the 7 3/8% area, according to an informed source.

Pricing is expected on Wednesday.

Citigroup, Lehman Brothers and Merrill Lynch & Co. are joint bookrunners for the Rule 144A and Regulation S transaction.

The notes will be non-callable.

Proceeds will be used to acquire the remaining 75% interest Williams Four Corners LLC from the Williams Cos. and for general corporate purposes.

The prospective issuer is a Tulsa, Okla.-based natural gas company.

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