Key Developments: Access Midstream Partners LP (ACMP.K)

ACMP.K on New York Consolidated

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25 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Williams Companies Inc to acquire interests in Access Midstream Partners LP for $5.995 bln; plans higher dividend; proposes subsequent merger of Access Midstream Partners LP and Williams Partners LP
Sunday, 15 Jun 2014 03:00pm EDT 

Williams Companies Inc:Says that it has agreed to acquire 50 pct. general partner interest and 55.1 mln limited partner units in Oklahoma City-based Access Midstream Partners LP held by Global Infrastructure Partners II ("GIP") for $5.995 bln in cash.At the close of trading on June 13, 55.1 mln LP units had a market value of $3.6 billion.Upon closing, Williams will own 100 pct. of general partner and 50 pct. of limited partner interests in Access Midstream Partners.This transaction follows Williams' acquisition of its 50 pct. GP interest and 23 pct. LP interest in Access Midstream Partners in Dec. 2012.Expects acquisition to close in third quarter of 2014.Following closing of acquisition, Williams plans to increase its third-quarter 2014 dividend by 32 pct. to $0.56 per share.Williams is also proposing merger of Williams Partners LP with and into Access Midstream Partners following completion of its acquisition of GIP's interests in Access Midstream Partners.Williams proposes Williams Partners merge in a unit-for-unit exchange at a ratio of 0.85 Access Midstream Partners units per Williams Partners unit.Proposal also includes an option for Williams Partners unitholders to take either a one-time special payment of $0.81 per unit, or an equivalent value of additional common units of Access Midstream Partners, to compensate for a lower expected per-unit LP cash distribution in 2015.  Full Article

Access Midstream Partners LP increases distribution to $0.575 per unit
Monday, 28 Apr 2014 08:30am EDT 

Access Midstream Partners LP:Declares distribution equal to $0.575 per unit on the Partnership's Class B Units.Distributions will be payable on May 15 to all unitholders of record at the close of business on May 8, together with the distribution to the general partner.  Full Article

Access Midstream Partners, L.P announces pricing of secondary public offering of common units by Global Infrastructure Partners II
Tuesday, 11 Mar 2014 08:53am EDT 

Access Midstream Partners, L.P:Prices of underwritten public offering of 8,000,000 common units representing limited partner interests owned by Global Infrastructure Partners II (GIP II).GIP II offered units to the public at $54.85 and has granted the underwriter a 30-day option to purchase up to 1,200,000 additional common units.Partnership will not receive any of net proceeds from this offering and number of Partnership's outstanding common units will remain unchanged.Barclays acted as sole underwriter for offering.  Full Article

Access Midstream Partners, L.P. announces secondary public offering of common units by Global Infrastructure Partners II
Monday, 10 Mar 2014 04:12pm EDT 

Access Midstream Partners, L.P:Commences an underwritten public offering of 8,000,000 common units representing limited partner interests owned by Global Infrastructure Partners II.GIP II has granted the underwriter a 30-day option to purchase up to 1,200,000 additional common units.Partnership not to receive any of the net proceeds from this offering and the number of the Partnership's outstanding common units will remain unchanged.Barclays is acting as sole underwriter for the offering.  Full Article

Access Midstream Partners LP prices of $750 mln offering of senior notes due 2024
Tuesday, 4 Mar 2014 05:33pm EST 

Access Midstream Partners LP:Prices of a public offering of $750 mln of senior notes due 2024.Offering was increased from a previously announced offering size of $600 mln.Notes bear interest at a rate of 4.875 pct per annum.Offering is expected to close on March 7, 2014, subject to satisfaction of customary closing conditions.Intends to use the net proceeds from the offering to repay borrowings under the Partnership's revolving credit facility and for general partnership purposes, including funding working capital, the Partnership's capital expenditure program and acquisitions.Wells Fargo Securities, Citigroup, Goldman Sachs & Co., J.P. Morgan, Mitsubishi UFJ Securities and RBC Capital Markets are acting as joint book-running managers for the offering.  Full Article

Access Midstream Partners LP announces $600 mln offering of senior notes due 2024
Tuesday, 4 Mar 2014 08:25am EST 

Access Midstream Partners LP:Commencement of public offering of $600 million of senior notes due 2024.Partnership intends to use net proceeds from the offering to repay borrowings under Partnership's revolving credit facility.For general partnership purposes, including funding working capital, the Partnership's capital expenditure program and acquisition.Wells Fargo Securities, Citigroup, Goldman Sachs & Co., J.P. Morgan, Mitsubishi UFJ Securities (USA) and RBC Capital Markets will act as joint book-running managers for the offering.  Full Article

Exterran Partners LP enters seven-year contract operations services agreement with Access Midstream Partners LP
Friday, 28 Feb 2014 08:30am EST 

Exterran Partners LP:Entered into an agreement to acquire natural gas compression assets from MidCon Compression, L.L.C., a subsidiary of Chesapeake Energy Corp for about $360 mln.Says the assets to be acquired include 334 compression units, with a total horsepower of about 440,000, which currently are being used to provide compression services to Access MLP Operating, L.L.C., subsidiary of Access Midstream Partners LP.Says in connection with the acquisition, Exterran Partners and Access have entered into a seven-year contract operations services agreement to be effective as of the closing.Says the transaction is subject to closing conditions and is expected to close in the second quarter 2014.  Full Article

Access Midstream Partners LP reaffirms FY 2014, 2015 EBITDA guidance - Conference Call
Wednesday, 19 Feb 2014 09:00am EST 

Access Midstream Partners LP:Says EBITDA outlook for FY 2014 and EBITDA and capital outlook for FY 2015 all remain unchanged.FY 2014 EBITDA of $1.07 billion - Thomson Reuters I/B/E/S Estimates.FY 2015 EBITDA of $1.29 billion - Thomson Reuters I/B/E/S Estimates.  Full Article

Access Midstream Partners LP increases distribution to $0.555 per unit
Tuesday, 28 Jan 2014 08:30am EST 

Access Midstream Partners LP:Says the Board of Directors of its general partner declared a cash distribution of $0.555 per Common and Class C Unit for the 2013 fourth quarter.Says the fourth quarter cash distribution represents an increase of $0.105, or 23.3%, compared to the 2012 fourth quarter and represents an increase of $0.02, or 3.7%, compared to the 2013 third quarter.Says in addition the Board of Directors of the general partner declared a distribution equal to $0.555 per unit on the Partnership`s Class B Units.Says the dstribution to the Class B unitholders will be paid in the form of additional Class B units.Says distributions will be payable on Feb. 14 to all unitholders of record at the close of business on Feb. 7, together with the distribution to the general partner.  Full Article

Access Midstream Partners LP reaffirms FY 2013, 2014, 2015 EBITDA guidance - Conference Call
Tuesday, 10 Dec 2013 08:05am EST 

Access Midstream Partners LP:Says it is reaffirming guidance.Says FY 2013 EBITDA of $800 million to $850 million.Says FY 2014 EBITDA of $1 billion to $1.1 billion.Says FY 2015 EBITDA of $1.2 billion to $1.3 billion.FY 2013 EBITDA of $841 million, FY 2014 EBITDA of $1.06 billion and FY 2015 EBITDA of $1.29 billion - Thomson Reuters I/B/E/S Estimates.  Full Article

Williams to take over Access Midstream for $6 billion

- Pipeline operator Williams Companies Inc said on Sunday it agreed to acquire control of Access Midstream Partners LP for $5.99 billion as the first step in merging it with its operations, aiming to enlarge its role in the U.S. natural gas boom.

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