Williams Partners L.P. (NYSE: WPZ) announced today that a Distribution
Reinvestment Plan (the “Plan”) for owners of its common units is open
for enrollment. The Plan became effective on Sept. 1, 2016 with the
Partnership’s filing of its Form S-3 registration statement with the
Securities and Exchange Commission (“SEC”), and the Plan will commence
with the quarterly distribution for the quarter ending Sept. 30, 2016.
Under the Plan, registered unitholders may invest all or a portion of
their cash distributions in the Partnership’s common units. The price
for newly issued common units purchased under the Plan will be the
average of the high and low trading prices of the common units on the
New York Stock Exchange for the five trading days immediately preceding
the distribution date, less a discount ranging from 0 percent to 5
percent (initially 2.5 percent). In the event the Partnership determines
that common units purchased under the Plan will be acquired on the open
market by the Administrator (defined below), the purchase price for such
common units will be the weighted average price of all common units
acquired for the Plan for the respective investment date, less a
discount ranging from 0 percent to 5 percent (initially 2.5 percent).
The Partnership currently intends to satisfy reinvestments under the
Plan by issuing new common units.
Only registered unitholders can participate directly in the Plan.
Beneficial owners of common units that are registered in someone else’s
name (for example, a bank, broker or trustee) can make arrangements with
such person to participate in the Plan on their behalf, or can
participate by withdrawing their common units from such person and
registering the common units in the unitholder’s name. Beneficial owners
of common units should contact their bank, broker or trustee directly
with regard to participation in the Plan.
Participation in the Plan is voluntary, and if a unitholder elects to
participate, the unitholder may terminate participation in the Plan at
any time (subject to restrictions following a relevant record date).
The Partnership has appointed Computershare Trust Company, N.A., to
administer the Plan (the “Administrator”). Unitholders can enroll online
by following the enrollment procedures specified on the Administrator’s
website at www.computershare.com/investor
or by completing and signing an Enrollment Form and returning it to the
Administrator.
Unitholders should read carefully the prospectus describing the Plan
before deciding to participate in the Plan. A copy of the Plan’s
prospectus can be found on the Partnership’s website at http://williams.investorhq.businesswire.com/williams/distribution-reinvestment-plan-enrollment.
The Williams Companies Inc. (NYSE: WMB) (“Williams”) intends to
participate in the Plan. Williams and the Partnership announced in their
Second Quarter 2016 Financial Results news releases on Aug. 1, 2016 that
Williams intends to reinvest approximately $1.45 billion into the
Partnership through 2017 via the Plan and that such investment is
intended to enhance value, strengthen their credit profiles and fund the
development of a significant portfolio of fee-based growth projects at
the Partnership, while maintaining flexibility.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy the common units described in this news release, nor
shall there be any sale of these common units 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 offer is being made only through an
effective registration statement on Form S-3, including the prospectus
contained therein, that was filed with the SEC on Sept. 1, 2016, and
became effective upon filing.
About Williams Partners
Williams Partners (NYSE: WPZ) is an industry-leading, large-cap natural
gas infrastructure master limited partnership with a strong growth
outlook and major positions in key U.S. supply basins and also in
Canada. Williams Partners has 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. Williams Partners owns and operates more
than 33,000 miles of pipelines system wide – including the nation’s
largest volume and fastest growing pipeline – providing natural gas for
clean-power generation, heating and industrial use. Williams Partners’
operations touch approximately 30 percent of U.S. natural gas. Tulsa,
Okla.-based Williams (NYSE: WMB), a premier provider of large-scale
North American natural gas infrastructure, owns 60 percent of Williams
Partners, including all of the 2 percent general-partner interest. www.williams.com
Portions of this document may constitute “forward-looking statements”
as defined by federal law. Although the partnership believes any such
statements are based on reasonable assumptions, there is no assurance
that actual outcomes will not be materially different. Additional
information about issues that could lead to material changes in
performance is contained in the partnership’s annual and quarterly
reports filed with the Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160902005244/en/
Copyright Business Wire 2016
