By Paul A. Harris
St. Louis, April 6 - The Williams Cos. Inc. and Credit Linked Certificate Trust sold $400 million of five-year senior unsecured certificates of beneficial ownership at par on Tuesday to yield 6¾%, a syndicate source said.
Price talk was 6 3/8% to 6 5/8%.
Citigroup ran the books on the Rule 144A for life issue. The co-managers were Banc of America Securities, JP Morgan, Lehman Brothers, Barclays Capital, Credit Lyonnais, Scotia Capital, TD Securities, Royal Bank of Scotland, WestLB and Harris Nesbitt.
Proceeds will be used to provide funding for The Williams Cos.' letter of credit trust structure.
The issuer is a Tulsa, Okla.-based natural gas transportation and storage company.
| Issuer: | The Williams Cos. Inc./Credit Linked Certificate Trust
|
| Amount: | $400 million
|
| Maturity: | April 15, 2009
|
| Security description: | Senior
|
| Bookrunner: | Citigroup
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 358 basis points
|
| Call protection: | Non-callable for life
|
| Pricing date: | April 6
|
| Settlement date: | April 14
|
| Ratings: | Not rated
|
| Price talk: | 6 3/8%-6 5/8%
|
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