By Cristal Cody
Tupelo, Miss., May 31 – Williams Partners LP priced $1.45 billion of 3.75% 10-year senior notes (Baa3/BBB/BBB-) on Wednesday at a spread of 155 basis points over Treasuries, according to a market source.
The notes were talked to price in the Treasuries plus 155 bps area, plus or minus 2 bps.
BofA Merrill Lynch, Deutsche Bank Securities Inc. and RBC Capital Markets, LLC were the bookrunners.
Proceeds will be used for general partnership purposes, including to repay $1.4 billion of 4.875% senior notes due 2023 or other outstanding debt, according to a 424B5 filed with the Securities and Exchange Commission.
Williams Partners is an energy infrastructure master limited partnership based in Tulsa, Okla.
| Issuer: | Williams Partners LP
|
| Amount: | $1.45 billion
|
| Description: | Senior notes
|
| Maturity: | June 15, 2027
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc. and RBC Capital Markets, LLC
|
| Coupon: | 3.75%
|
| Spread: | Treasuries plus 155 bps
|
| Trade date: | May 31
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 155 bps area, plus or minus 2 bps
|
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