New Issue: Williams Partners sells $800 million 4.85% 30-year senior notes at 172 bps spread

By Cristal Cody

Tupelo, Miss., Feb. 26 – Williams Partners LP priced $800 million of 4.85% 30-year senior notes (Baa3/BBB/BBB-) on Monday at a spread of 172 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.

The issue was talked to price in the Treasuries plus 175 bps area.

The notes priced at 99.515 to yield 4.881%.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, MUFG, BBVA Securities Inc., Credit Suisse Securities (USA) LLC and PNC Capital Markets LLC were the bookrunners.

Proceeds will be used for general partnership purposes, including repaying $750 million of the company’s 4.875% senior notes due March 15, 2024 or other debt.

Williams Partners is an energy infrastructure master limited partnership based in Tulsa, Okla.

Issuer:	Williams Partners LP
Amount:	$800 million
Description:	Senior notes
Maturity:	March 1, 2048
Bookrunners:	Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, MUFG, BBVA Securities Inc., Credit Suisse Securities (USA) LLC and PNC Capital Markets LLC
Co-managers:	BOK Financial Securities, Inc., CIBC World Markets Corp., DNB Markets, Inc., BofA Merrill Lynch, RBC Capital Markets, LLC and TD Securities (USA) LLC
Coupon:	4.85%
Price:	99.515
Yield:	4.881%
Spread:	Treasuries plus 172 bps
Call feature:	Make-whole call before Sept. 1, 2047 at Treasuries plus 30 bps; thereafter at par
Trade date:	Feb. 26
Settlement date:	March 5
Ratings:	Moody’s: Baa3
	S&P: BBB
	Fitch: BBB-
Distribution:	SEC registered
Price talk:	Treasuries plus 175 bps area

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