TULSA, Okla., Jan. 17 /PRNewswire-FirstCall/ -- Williams Pipeline Partners
L.P. today announced it has priced its initial public offering of 16,250,000
common units at $20.00 per unit. The common units will begin trading tomorrow
on the New York Stock Exchange under the symbol "WMZ." The underwriters have
been granted a 30-day option to purchase up to an additional 2,437,500 common
units at the IPO price to cover over-allotments, if any. The common units offered to the public will represent a 47.5 percent
limited partner interest in Williams Pipeline Partners, or a 54.6 percent
limited partner interest if the underwriters' option is exercised in full.
Williams (NYSE: WMB) will own the remaining limited partner interest,
including common and subordinated units, and the 2 percent general partner
interest. Williams Pipeline Partners was formed to own and operate natural gas
transportation and storage assets. The partnership's initial asset will be a
35 percent interest in Northwest Pipeline GP, which owns and operates a
natural gas pipeline system that extends from the Rocky Mountain region to the
Pacific Northwest. Lehman Brothers, Citi Global Markets and Merrill Lynch & Co. are the joint
book-running managers for the IPO. In addition, Wachovia Securities; Goldman,
Sachs & Co.; Morgan Stanley; UBS Investment Bank; Banc of America Securities
LLC; JPMorgan; Raymond James; RBC Capital Markets; and Stifel Nicolaus are
acting as co-managers. A copy of the final prospectus associated with this offering -- when
available -- may be obtained from any of the underwriters, including Lehman
Brothers Inc., c/o Broadridge Financial Services, Prospectus Fulfillment, 1155
Long Island Avenue, Edgewood, NY 11717; by email at
Qiana.Smith@Broadridge.com, or by fax at (631) 254-7140; Citigroup Global
Markets Inc., Brooklyn Army Terminal, Attn: Prospectus Delivery Department,
140 58th Street, Brooklyn, NY, 11220, phone (800) 831-9146; or Merrill Lynch &
Co., 4 World Financial Center, Attention: Prospectus Department, New York, NY
10080, phone (212) 449-1000. This news release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, nor shall there be any
sale of these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus. About Williams Pipeline Partners L.P. (NYSE: WMZ) Williams Pipeline Partners was formed to own and operate natural gas
transportation and storage assets. The general partner of Williams Pipeline
Partners is Williams Pipeline GP LLC, which is a wholly owned subsidiary of
Williams (NYSE: WMB). Go to http://www.b2i.us/irpass.asp?BzID=630&to=ea&s=0
to join our e-mail list. This press release may include "forward-looking statements" as defined by
federal law. All statements, other than statements of historical facts,
included in this press release that address activities, events or developments
that the Partnership expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based on certain
assumptions made by the Partnership based on its experience and perception of
historical trends, current conditions, expected future developments and other
factors it believes are appropriate in the circumstances. Such statements are
subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Partnership, which may cause our actual results to
differ materially from those implied or expressed by the forward-looking
statements. Additional information about issues that could lead to material
changes in performance is contained in the Partnership's Form S-1 filed with
the Securities and Exchange Commission.
Contact:
Jeff Pounds
Williams (media relations)
(918) 573-3332
Richard George
Williams (investor relations)
(918) 573-3679
SOURCE Williams Pipeline Partners L.P. |
