Williams Partners L.P. (WPZ) Tuesday priced a public offering of 11.25 million shares, representing limited-partner interests at $49.14 per unit.
The underwriters have been granted a 30-day option to purchase up to an additional 1.69 million common units.
Williams Partners has also agreed to sell 3 million of its common units to Williams Cos. (WMB) in a private placement at a price equal to the public offering price, less the underwriting discount and commissions.
Upon the closing of the offering and the private placement, Williams will own approximately 68 percent of Williams Partners, including the general-partner interest.
Net proceeds from the public offering and the private placement will be used to repay amounts outstanding under the partnership's credit facility. Borrowings under the credit facility were used for general partnership purposes.
The offering is expected to close on March 8.
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