Published on 6/1/2017 in the Prospect News Investment Grade Daily.
New Issue: Williams details $1.45 billion of 3.75% 10-year notes at 155 bps spread
By Cristal Cody
Tupelo, Miss., June 1 – Williams Partners LP detailed its previously reported $1.45 billion issue of 3.75% 10-year senior notes (Baa3/BBB/BBB-) on Wednesday in an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.949 to yield 3.756%, or a spread of 155 basis points over Treasuries.
The notes were talked to price in the Treasuries plus 155 bps area, plus or minus 2 bps.
Deutsche Bank Securities Inc., BofA Merrill Lynch, RBC Capital Markets, LLC, Credit Agricole Securities (USA) Inc., DNB Markets, Inc. and UBS Securities 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
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| Amount: | $1.45 billion
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| Description: | Senior notes
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| Maturity: | June 15, 2027
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| Bookrunners: | Deutsche Bank Securities Inc., BofA Merrill Lynch, RBC Capital Markets, LLC, Credit Agricole Securities (USA) Inc., DNB Markets, Inc. and UBS Securities LLC
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| Co-managers: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC
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| Junior co-manager: | Tuohy Brothers Investment Research, Inc.
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| Coupon: | 3.75%
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| Price: | 99.949
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| Yield: | 3.756%
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| Spread: | Treasuries plus 155 bps
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| Call feature: | Make-whole call before March 15, 2027 at Treasuries plus 25 bps; thereafter at par
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| Trade date: | May 31
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| Settlement date: | June 5
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| Price guidance: | Treasuries plus 155 bps area, plus or minus 2 bps
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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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