Published on 2/25/2021 in the Prospect News Investment Grade Daily.
New Issue: Williams Cos. sells $900 million 2.6% 10-year senior notes at 115 bps over Treasuries
Chicago, Feb. 25 – Williams Cos., Inc. priced $900 million 2.6% senior notes due March 15, 2031 at 99.631 (Baa3/BBB/BBB) to yield 2.642% on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of Treasuries plus 115 basis points.
The notes have a make-whole call at Treasuries plus 20 bps before Dec. 15, 2030 and then a par call.
The bookrunners are RBC Capital Markets, LLC, Mizuho Securities USA LLC, MUFG, TD Securities (USA) LLC, BofA Securities, Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc.
Proceeds will be used to help repay the company’s $500 million of 4% senior notes due 2021 and its $371 million of 7.875% senior notes due 2021 and for general corporate purposes.
Tulsa, Okla.-based Williams finds, produces, gathers, processes and transports natural gas.
| Issuer: | Williams Cos., Inc.
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| Issue: | Senior notes
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| Amount: | $900 million
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| Maturity: | March 15, 2031
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| Bookrunners: | RBC Capital Markets, LLC, Mizuho Securities USA LLC, MUFG, TD Securities (USA) LLC, BofA Securities, Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc.
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| Co-managers: | Barclays, BBVA Securities Inc., BOK Financial Securities, Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
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| Coupon: | 2.6%
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| Price: | 99.631
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| Yield: | 2.642%
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| Spread: | 115 bps
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| Call features: | Make-whole call at Treasuries plus 20 bps before Dec. 15, 2030; par call thereafter
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| Pricing date: | Feb. 25
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| Settlement date: | March 2
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| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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