Williams Partners Completes Wamsutter Acquisition

Williams Partners has completed its purchase of certain membership interests in Wamsutter LLC, the limited liability company that owns the Wamsutter system, from Williams for $750 million.
The Wamsutter system includes a 1,700-mile natural gas gathering system in the Washakie Basin in south-central Wyoming and the Echo Springs cryogenic processing plant near Wamsutter, Wyo.
Williams Partners completed the transaction after successfully closing a public equity offering of 9.25 million common units that yielded $335.2 million.
The partnership financed the remainder of the purchase price through utilizing $250 million of term loan borrowings, issuing about $157.2 million of common units to Williams and increasing its general partner’s capital account by about $10.3 million to maintain its 2 percent general partner interest.
The term loan is under Williams Partners’ new $450 million five-year senior unsecured credit facility that became effective simultaneous with the closing of the Wamsutter transaction. The remaining $200 million of capacity under the new facility is available for revolving credit borrowings.

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