Williams Partners Upsizes Equity Offering

Williams Partners L.P. said late Wednesday that it has priced its previously announced offering of its common units at $38.00 per unit. The offering was upsized from 6.9 million common units to 7.0 million common units and is expected to close on Dec. 13.

The underwriters have been granted a 30-day option to purchase up to an additional 1.5 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 is expected to close concurrently with the offering.

Williams Partners previously acquired a 25.1 percent interest in Four Corners from Williams 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 acted as co-managers for the offering.

Williams Partners L.P. primarily gathers, transports and processes natural gas and fractionates and stores natural gas liquids.


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