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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 6, 2006
Williams Partners L.P.
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of
incorporation)
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1-32599
(Commission
File Number)
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20-2485124
(IRS Employer
Identification No.) |
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One Williams Center
Tulsa, Oklahoma
(Address of principal executive offices)
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74172-0172
(Zip Code) |
Registrants telephone number, including area code: (918) 573-2000
NOT APPLICABLE
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
TABLE OF CONTENTS
Item 1.01 Entry into a Material Definitive Agreement.
Underwriting Agreement
On December 6, 2006, Williams Partners L.P. (the Partnership) entered into an underwriting
agreement (the Underwriting Agreement) with Williams Partners GP LLC, the general partner of the
Partnership (the General Partner), Williams Partners Operating LLC, a wholly owned subsidiary of
the Partnership (OLLC), and the underwriters named therein (collectively, the Underwriters)
providing for the offer and sale in a firm commitment underwritten offering (the Public Offering)
of 7.0 million common units representing limited partner interests in the Partnership (Common
Units) sold by the Partnership at a price to the public of $38.00 per Common Unit ($36.48 per
Common Unit, net of underwriting discounts). Pursuant to the Underwriting Agreement, the
Partnership granted the Underwriters a 30-day option to purchase up to an additional 1,050,000
Common Units (the Option) on the same terms as the 7.0 million Common Units sold by the
Partnership. The Option was exercised in full on December 7, 2006. The sale of the 8,050,000
Common Units pursuant to the Underwriting Agreement is expected to close on December 13, 2006. The
Common Units to be sold pursuant to the Underwriting Agreement were registered under the Securities
Act of 1933, as amended (the Securities Act), pursuant to an effective registration statement on
Form S-3 (File No. 333-137562) (the Registration Statement).
The Underwriting Agreement contains customary representations and warranties of the parties
and indemnification and contribution provisions whereby the Partnership, the General Partner and
OLLC, on one hand, and the Underwriters, on the other, have agreed to indemnify each other against
certain liabilities, including liabilities under the Securities Act. Pursuant to the Underwriting
Agreement, the Partnership also agreed not to issue any Common Units for a period of 90 days after
December 6, 2006 without the prior consent of the Underwriters, subject to the Partnerships
ability to issue Common Units and Class B units to investors pursuant to the Partnerships
previously announced private placement and certain other exceptions set forth in the Underwriting
Agreement. A copy of the Underwriting Agreement is filed as Exhibit 1.1 to this Form 8-K and is
incorporated herein by reference.
Purchase Agreement
On December 6, 2006, the Partnership, Williams Partners Finance Corporation, a wholly owned
subsidiary of the Partnership (Williams Finance, and together with the Partnership, the
Issuers), the General Partner and OLLC entered into a purchase agreement (the Purchase
Agreement) with certain initial purchasers named therein (the Initial Purchasers) pursuant to
which the Issuers agreed to sell $600 million aggregate principal amount of 71/4% Senior Notes due
2017 (the Notes). The Notes are being sold in a private placement (the Private Placement) to
qualified institutional buyers pursuant to the exemptions from registration requirements of the
Securities Act afforded by Section 4(2) of the Securities Act and Rule 144A under the Securities
Act, and outside the United States in compliance with Regulation S under the Securities Act. The
Notes have not been registered under the Securities Act and may not be offered or sold in the
United States absent registration or an applicable exemption from the registration requirements of
the Securities Act. The sale of the Notes pursuant to the Purchase Agreement and the issuance of
the Notes is expected to occur on December 13, 2006.
The Purchase Agreement contains customary representations and warranties of the parties and
indemnification and contribution provisions whereby the Issuers, the General Partner and OLLC, on
one hand, and the Initial Purchasers, on the other, have agreed to indemnify each other against
certain liabilities, including liabilities under the Securities Act. The Issuers also agreed not
to issue certain debt securities for a period of 30 days after December 6, 2006 without the prior
consent of the Initial Purchasers. In addition, the Purchase Agreement contemplates the execution
at the closing of the sale of the Notes of a registration rights agreement pursuant to which the
Issuers will agree to conduct a registered exchange offer for the Notes or cause to become
effective a shelf registration statement providing for resale of the Notes. A copy of the Purchase
Agreement is filed as Exhibit 1.2 to this Form 8-K and is incorporated herein by reference.
Relationships
Affiliates of certain of the respective Underwriters and Initial Purchasers are lenders under
The Williams Companies, Inc.s $1.5 billion credit agreement under which the Partnership has a
$75.0 million borrowing limit, and each such affiliate has received customary fees for such
services. Certain of the Underwriters and Initial Purchasers are serving as The Williams
Companies, Inc.s financial advisors in connection with the Partnerships previously announced
proposed acquisition of the 74.9% interest in Williams Four Corners LLC that it does not already
own. One of the Underwriters and Initial Purchasers is serving as placement agent in the
Partnerships previously announced private placement of common units and Class B units. Certain of
the
Initial Purchasers are also Underwriters. Certain Underwriters and Initial Purchasers have
performed and may in
the future perform investment banking, advisory and other banking services for the Partnership from
time to time for which they received or may receive customary fees and expenses.
Item 8.01 Other Events.
In connection with the Public Offering, the Partnership is also filing the opinions of Andrews
Kurth LLP as part of this current report on Form 8-K that is to be incorporated by reference into
the Registration Statement. The opinions of Andrews Kurth LLP are filed herewith as Exhibits 5.1
and 8.1 and are incorporated herein by reference.
On December 6, 2006, the Partnership announced that it priced its previously announced public
offering of Common Units. On December 6, 2006, the Partnership announced that it priced its
previously announced private placement of $600 million of senior unsecured notes. The senior
unsecured notes will be co-issued by Williams Partners Finance Corporation.
The press release announcing the pricing of the Common Unit offering is attached as Exhibit
99.1 to this report and is incorporated herein by reference. The press release announcing the
pricing of the private placement of senior unsecured notes is attached as Exhibit 99.2 to this
report and is incorporated herein by reference.
This current report includes 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 its 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 Partnerships annual and quarterly reports filed with the Securities and Exchange
Commission.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
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Description |
Exhibit 1.1
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Underwriting Agreement, dated December 6, 2006, by and among
Williams Partners L.P., Williams Partners GP LLC, Williams
Partners Operating LLC and the underwriters named therein. |
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Exhibit 1.2
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Purchase Agreement, dated December 6, 2006, by and among
Williams Partners GP LLC, Williams Partners L.P., Williams
Partners Finance Corporation, Williams Partners Operating LLC
and the initial purchasers named therein. |
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Exhibit 5.1
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Opinion of Andrews Kurth LLP. |
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Exhibit 8.1
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Opinion of Andrews Kurth LLP relating to tax matters. |
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Exhibit 23.1
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Consent of Andrews Kurth LLP (included in Exhibit 5.1 hereto). |
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Exhibit 23.2
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Consent of Andrews Kurth LLP (included in Exhibit 8.1 hereto). |
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Exhibit 99.1
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Press Release dated December 6, 2006. |
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Exhibit 99.2
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Press Release dated December 6, 2006. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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WILLIAMS PARTNERS L.P. |
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By:
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Williams Partners GP LLC,
its General Partner |
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Date: December 12, 2006 |
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/s/ William H. Gault |
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William H. Gault |
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Assistant Secretary |
EXHIBIT INDEX
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Exhibit Number |
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Description |
Exhibit 1.1
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Underwriting Agreement, dated December 6, 2006, by and among
Williams Partners L.P., Williams Partners GP LLC, Williams
Partners Operating LLC and the underwriters named therein. |
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Exhibit 1.2
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Purchase Agreement, dated December 6, 2006, by and among
Williams Partners GP LLC, Williams Partners L.P., Williams
Partners Finance Corporation, Williams Partners Operating LLC
and the initial purchasers named therein. |
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Exhibit 5.1
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Opinion of Andrews Kurth LLP. |
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Exhibit 8.1
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Opinion of Andrews Kurth LLP relating to tax matters. |
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Exhibit 23.1
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Consent of Andrews Kurth LLP (included in Exhibit 5.1 hereto). |
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Exhibit 23.2
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Consent of Andrews Kurth LLP (included in Exhibit 8.1 hereto). |
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Exhibit 99.1
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Press Release dated December 6, 2006. |
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Exhibit 99.2
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Press Release dated December 6, 2006. |