Williams Partners Announces Equity Offering

Williams Partners L.P. said that it intends to commence an underwritten public offering of 6.9 million common units representing limited partner interests. The offering will be made pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.

The underwriters have been granted a 30-day option to purchase up to an additional 1.035 million common units to cover over-allotments, if any.

Williams Partners plans to use the net proceeds of the offering to fund a portion of the cash consideration for its planned $1.223 billion acquisition from Williams of the remaining 74.9 percent interest in Williams Four Corners LLC that the partnership does not own. The acquisition, subject to standard closing conditions, is expected to close in mid-December.

Williams Partners previously acquired a 25.1 percent interest in Four Corners from Williams for $360 million in June 2006. Four Corners owns certain natural gas gathering, processing and treating assets in the San Juan Basin in Colorado and New Mexico.

Lehman Brothers Inc. and Citigroup Global Markets Inc. are the joint book- running managers for the offering. In addition, Merrill Lynch; Wachovia Capital Markets, LLC; Morgan Stanley; UBS Investment Bank; A.G. Edwards & Sons, Inc.; Raymond James & Associates, Inc.; RBC Capital Markets Corporation; and Stifel, Nicolaus & Company will act as co-managers for the offering.


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