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News Jun 05, 2017

Shearman & Sterling Advises on $1.45 Billion 3.750% Senior Notes Offering by Williams Partners

Shearman & Sterling represented the underwriters in connection with the registered offering by Williams Partners L.P. (“Williams Partners,” NYSE: WPZ) of $1.45 billion aggregate principal amount of 3.750% senior notes due 2027.  Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, LLC acted as joint book-running managers and representatives of the several underwriters.  Williams Partners intends to use the net proceeds of this offering for general partnership purposes, including the repayment of its $1.4 billion aggregate principal amount of 4.875% senior notes due 2023 or other of its outstanding indebtedness.

Williams Partners is an industry-leading, large-cap natural gas infrastructure master limited partnership with operations across the natural gas value chain from gathering, processing and interstate transportation of natural gas and natural gas liquids to petchem production of ethylene, propylene and other olefins.

The Shearman & Sterling team was led by partners Robert Evans and Merritt Johnson (both New York-Capital Markets); and associates Sean Dougherty (New York-Capital Markets), Erika Khalek and Emmanuel Bello (both New York-Corporate).  Other Shearman & Sterling lawyers involved in the transaction included partner Kristen Garry (Washington, DC-Tax); counsel Jennifer Morton (New York-Financial Institutions Advisory & Financial Regulatory), Jeff Salinger (New York-Real Estate) and Donna Bobbish (Washington, DC- Project Development & Finance); and associates Jenny Jordan (New York-Financial Institutions Advisory & Financial Regulatory) and Michael Daly (New York-Tax).