8-KOther EventsExhibits & Filings

WILLIAMS COMPANIES, INC. 8-K Report, Corporate Update (Dec 19, 2005)

Filed December 19, 2005For Securities:WMB

Summary

Williams Companies, Inc. (WMB) filed a Form 8-K on December 19, 2005, to report an extension of its previously announced offer to purchase outstanding 5.50% Junior Subordinated Convertible Debentures due 2033. The offer, which was set to expire on December 15, 2005, has been extended to January 11, 2006, at 5:00 p.m. New York City time. This extension provides holders of these debentures with additional time to consider converting them into shares of Williams' common stock and receive a cash premium. As of the original expiration date, a significant portion of the debentures, totaling $220,110,750 or 73.4% of the outstanding principal amount, had been validly tendered for conversion. This indicates substantial participation from debenture holders, suggesting a potential shift in the company's capital structure as these securities are converted. Investors should monitor the final outcome of this offer and its impact on WMB's outstanding debt and equity.

Key Highlights

  • 1Williams Companies (WMB) extended its offer to holders of 5.50% Junior Subordinated Convertible Debentures due 2033.
  • 2The offer to convert debentures into common stock, with a cash premium, is now valid until January 11, 2006, 5:00 p.m. NYC time.
  • 3The original expiration of the offer was December 15, 2005.
  • 4As of December 15, 2005, 73.4% ($220,110,750 principal amount) of the outstanding debentures had been tendered.
  • 5The debentures being offered for conversion are the 5.50% Junior Subordinated Convertible Debentures due 2033.
  • 6The company is offering a cash premium to debenture holders who elect to convert their holdings.
  • 7The filing was made pursuant to Section 8.01 (Other Events) of Form 8-K.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce the extension of Williams Companies' offer to purchase its 5.50% Junior Subordinated Convertible Debentures due 2033. Holders are being offered a cash premium to convert these debentures into shares of Williams' common stock.

As of the original offer expiration date of December 15, 2005, holders of $220,110,750 in aggregate principal amount of the outstanding debentures, representing 73.4% of the total principal amount, had delivered valid tenders for conversion.

The offer has been extended, and the new deadline for debenture holders to convert their 5.50% Junior Subordinated Convertible Debentures due 2033 into common stock is January 11, 2006, at 5:00 p.m. New York City time.

The offer allows holders of the 5.50% Junior Subordinated Convertible Debentures due 2033 to convert their debentures into shares of Williams' common stock, subject to the terms and conditions outlined in the Conversion Offer Prospectus and Letter of Transmittal dated November 17, 2005. Holders who elect to convert will receive a cash premium.