Williams put together a mega-deal last week that will not only pay the bills, but ensure its liquidity through this year and into the next, finalizing several cash and credit transactions that total about $3.4 billion. New credit agreements were secured giving Williams about $2 billion, but to make those deals, Williams sold or guaranteed some of its solid income-producing assets — interests in two pipeline companies, Seminole and Mid-American, for $1.2 billion; natural gas properties in Wyoming for $350 million; gas properties in the Anadarko Basin for $37.5 million; and the Cove Point liquefied natural gas (LNG) facility for $217 million. Williams also backed a secured credit agreement, which was put together by Warren Buffett’s Berkshire Hathaway Inc., with “substantially all” of the assets of subsidiary Barrett Resources.
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Williams Ensures Liquidity with $3.4B Deals, Sacrificing Heavy-Duty Assets
With almost $800 million in debt payments due and its cash nearly depleted, Williams put together a mega-deal that will not only pay the bills, but ensure its liquidity through several cash and credit transactions totaling about $3.4 billion. New credit agreements were secured giving Williams about $2 billion, but to make those deals, Williams sold or guaranteed some of its solid income-producing assets — interests in two pipeline companies, Seminole and Mid-American, for $1.2 billion; natural gas properties in Wyoming for $350 million; gas properties in the Anadarko Basin for $37.5 million; and the Cove Point liquefied natural gas (LNG) facility for $217 million. Williams also backed a secured credit agreement, which was put together by Warren Buffett’s Berkshire Hathaway Inc., with “substantially all” of the assets of subsidiary Barrett Resources.
