Summary
This 8-K filing from The Williams Companies, Inc. (WMB) dated June 5, 2003, announces a significant refinancing of its credit facilities. The company is finalizing a new $800 million credit facility primarily intended for issuing letters of credit, expected to be completed by mid-June. This new facility replaces an existing $1.1 billion credit line that was secured by a majority of the company's midstream gas and liquids assets.
Key Highlights
- 1Williams Companies is establishing a new $800 million credit facility focused on letter of credit issuance.
- 2The new facility is expected to be finalized by mid-June 2003.
- 3This new facility replaces a prior $1.1 billion credit line.
- 4The previous credit line included a $700 million secured revolving facility and a $400 million letter of credit facility.
- 5The new $800 million facility is a two-year agreement.
- 6The new agreement releases the company's midstream gas and liquids assets as collateral.
- 7The new facility is cash-collateralized only to the extent of issued letters of credit.