Williams Partners Sale Of 10 Million Units Prices At 3.1% Discount

Date : 04/04/2012 @ 9:45AM
Source : Dow Jones News
Stock : Williams Partners, L.P. Common Units Representing Limited Partner Interests (WPZ)
Quote : 41.12  0.0 (0.00%) @ 4:00AM

Williams Partners Sale Of 10 Million Units Prices At 3.1% Discount

Williams Partners (NYSE:WPZ)
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Williams Partners LP's (WPZ) bigger offer of 10 million of its common units priced at a 3.1% discount to its Tuesday close.

Williams Partners units recently were down 3.8% at $54.19 in recent premarket trading, below the offer price of $54.56. Through Tuesday's close, they are down 6.2% this year.

The company on Tuesday had unveiled plans to offer 9 million of its units to help fund its $2.5 billion acquisition of Caiman Eastern Midstream LLC. Williams Partners had about $305 million in common units outstanding as of Feb. 23.

The offering comes a few days after Williams Cos. (WMB) raised $795 million in a public offering of 26 million shares to raise funds for the purchase. Williams Partners is the midstream and interstate gas pipeline asset-holder of Williams Cos., an energy company.

Last month, Williams Partners unveiled its plans to buy Caiman, which has midstream facilities in the Marcellus Shale, a major unconventional shale-energy field that underlies several U.S. states. Pipeline companies in the U.S. are undergoing a wave of acquisitions and expansion as they seek to adapt to the new geography of energy production brought about by shale production.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

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