Williams closes loop on US$6bn acquisition

摘要

Williams companies wasted no time securing funding for its US$6bn all-cash acquisition of access midstream partners. After sealing the deal over the previous weekend, the energy company secured US$3bn of equity last Tuesday and circled US$1.9bn of debt two days later (see Bonds section). Both pieces were well received, with investors appreciating earnings accretion and stability gained from the acquisition. Citigroup, Barclays and UBS, which provided bridge financing, were sole bookrunners on the equity component. The banks conducted an extensive marketing schedule over the one-day bookbuild on Tuesday, with management breaking into two teams to conduct nearly 40 one-to-one calls slotted in 15 to 20 minute intervals.