Summary
Williams Companies, Inc. (WMB) filed an 8-K on August 17, 2004, to report on the results of its cash tender offer and consent solicitation for its 8 5/8 percent Senior Notes due 2010. The company announced that approximately $513 million aggregate principal amount of these notes were validly tendered. This tender amount includes sufficient consents to approve significant amendments to the indenture governing these notes.
Key Highlights
- 1Williams Companies successfully tendered approximately $513 million in aggregate principal amount of its 8 5/8 percent Senior Notes due 2010.
- 2The tender offer also included a consent solicitation to amend the indenture governing these notes.
- 3Sufficient consents were obtained to approve amendments that will eliminate substantially all restrictive covenants and certain events of default.
- 4A Tenth Supplemental Indenture will be executed to incorporate these amendments.
- 5The amendments will become effective upon the successful consummation of the tender offer.
- 6The company issued a press release on August 17, 2004, detailing these events, which is included as an exhibit.
Frequently Asked Questions
This 8-K filing is primarily to announce the successful results of Williams Companies' cash tender offer and consent solicitation for its 8 5/8 percent Senior Notes due 2010, including the significant amount tendered and the sufficiency of consents for indenture amendments.
The amendments to the indenture will eliminate substantially all of the restrictive covenants and certain events of default that were previously in place.
The amendments will not become operative unless and until the cash tender offer is fully consummated according to its terms. A supplemental indenture will be executed by Williams and the trustee once this condition is met.