Summary
Williams Companies, Inc. (WMB) announced an extension of its offer to holders of its 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. This extension allows more debenture holders an opportunity to convert their debt into shares of Williams' common stock, receiving a cash premium for doing so. The company has already seen significant participation, with 73.4% of the outstanding debentures tendered by the original expiration date. This extension provides flexibility for investors who may still be considering the conversion. The total principal amount eligible for the offer is up to $299,987,000. Investors should carefully review the terms and conditions outlined in the Conversion Offer Prospectus and Letter of Transmittal dated November 17, 2005, to understand the implications of conversion.
Key Highlights
- 1Williams Companies extended its offer to holders of 5.50% Junior Subordinated Convertible Debentures due 2033.
- 2The offer expiration date has been moved from December 15, 2005, to January 11, 2006.
- 3The offer allows debenture holders to convert their debt into common stock and receive a cash premium.
- 4As of December 15, 2005, $220,110,750 (73.4%) of the outstanding debentures had been tendered.
- 5The maximum aggregate principal amount eligible for the offer is $299,987,000.
- 6The terms and conditions are detailed in the Conversion Offer Prospectus and Letter of Transmittal dated November 17, 2005.