Williams repays floating-rate term loan, anticipates new unsecured funding

By Angela McDaniels

Seattle, April 13 - The Williams Cos. Inc. said it retired The Williams Production RMT Co.'s secured floating-rate term loan due 2008 for total of $488.9 million, including accrued interest.

The company used cash and revolving credit borrowings to pay down the debt and said it anticipates refinancing a portion of this issue on a more permanent and unsecured basis later in the year.

The term loan was secured by some of the company's natural gas reserves and other assets acquired in conjunction with Williams' acquisition of Barrett Resources in June 2001.

Williams said it retired the term loan early in advance of replacing its $1.275 billion secured revolving credit facility. The company anticipates that the new facility will be unsecured, after which it would have no secured debt other than non-recourse project debt at its Venezuelan operations.

Williams Energy Partners is a Tulsa, Okla., company that manages a wholesale power business and finds, produces, processes and transports natural gas.

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