Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2006 > News item |
Williams gets tenders for $213.9 million of $300 million 5.5% convertibles in early conversion offer
By Jennifer Chiou
New York, Jan. 12 - Williams Cos., Inc. said it accepted tenders from holders of $213,941,900 or 71.3% of its $300 million of 5.5% junior subordinated convertible debentures due 2033 in its early conversion offer.
The offer ended at 5 p.m. ET on Jan. 11 and had previously been set to expire at 11:59 p.m. ET on Dec. 15.
At 5 p.m. ET on Dec. 15, holders of $220,110,750 or 73.4% of the convertibles had tendered their securities.
The company began the offer on Nov. 17.
In addition to the regular 4.5907 shares of common stock, holders who convert will receive $5.85 in cash per $50.00 principal amount of the debentures. Williams will also pay accrued interest from Dec. 1, the last payment date before the expiration of the offer, up to but excluding the settlement date.
The conversion price of the debentures is $10.8916. Williams' stock closed at $24.35 on Wednesday.
Williams, a Tulsa, Okla., natural gas production and transportation company, said the offer is intended to reduce its long-term debt.
Lehman Brothers Inc. (800 443-0892 or 212 526-0111) and Merrill Lynch & Co. (800 654-8637 or 212 449-4914) are dealer managers. D.F. King & Co., Inc. is information agent (800 848-2998 or 212 269-5550).
© 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.