Summary
Williams Companies, Inc. (WMB) announced on May 3, 2004, the successful arrangement of a new three-year, $1 billion revolving credit facility. This facility is primarily intended for general corporate purposes and to support the issuance of letters of credit, providing essential liquidity for the company's operations. The new credit facility is secured by specific midstream assets located in the Western United States, which offers a degree of collateral backing for the lenders. Importantly, the facility includes an option to increase its capacity by an additional $500 million under certain conditions, offering financial flexibility for future needs. This new arrangement replaces an existing $800 million cash-collateralized credit line that was established approximately a year prior.
Key Highlights
- 1Secured a new three-year, $1 billion revolving credit facility.
- 2The credit facility is primarily for general corporate purposes and issuing letters of credit.
- 3The facility is secured by certain Western United States midstream assets.
- 4There is an option to increase the facility by an additional $500 million under certain conditions.
- 5This new facility replaces an existing $800 million cash-collateralized credit line.
- 6The announcement was made via a press release dated May 3, 2004.
- 7This filing was made on May 4, 2004, under Item 7 and Item 9 of Form 8-K.