Williams Closes Sale of Power Assets

Williams has closed the sale of substantially all of its power assets to Bear Energy LP,
a unit of The Bear Stearns Companies Inc.

The adjusted purchase price of the transaction, which encompasses a 7,500-megawatt portfolio of power contracts and certain other assets, was $496 million.

The adjusted price includes a contractual reduction of $16 million, reflecting cash flows realized from the April 1 valuation date.

As previously announced, the company expects the transaction proceeds will be largely offset by income taxes, resolution of retained liabilities, costs associated with the transaction, and near-term cash-collateral postings. The proceeds are also subject to post-closing adjustments.

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