Williams starts roadshow for $500 million seven-year notes

By Paul A. Harris

St. Louis, June 2 - Williams Cos., Inc. began the roadshow Monday for an offering of $500 million senior notes due 2010 (existing ratings Caa1/B+), according to a syndicate source.

The deal is expected to price Thursday or Friday, the source added.

Lehman Brothers, Citigroup, JP Morgan and Banc of America Securities are joint bookrunners for the off-the-shelf deal. ABN Amro, Merrill Lynch & Co., Scotia Capital, Bank of Oklahoma, Morgan Stanley, TD Securities, Credit Lyonnais and Royal Bank of Scotland are co-managers.

The off-the-shelf notes are non-callable for four years.

Proceeds will be used for general corporate purposes and payment of maturing debt obligations, including partial repayment of its 9¼% senior notes due March 2004.

Williams is a Tulsa, Okla. natural gas company.

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