Williams Partners to pay off $850 million term loan with sale proceeds

By Tali Rackner

Minneapolis, April 17 – Williams Partners LP plans to pay off its $850 million term loan using the cash proceeds from its sale of 100% of its membership interest in Williams Olefins LLC to NOVA Chemicals Corp., according to a company press release.

Williams Olefins owns an 88.46% undivided ownership interest in the Geismar, La., olefins plant and associated complex.

The total cash price is expected to be $2.1 billion.

Proceeds will also be used to fund a portion of the capital and investment expenditures that are a part of the partnership’s growth portfolio.

Williams is a large-cap natural gas infrastructure company based in Tulsa, Okla.

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