Key Developments: Access Midstream Partners LP (ACMP.N)
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Latest Key Developments (Source: Significant Developments)
Access Midstream Partners LP Increases Distribution
Access Midstream Partners LP announced that the Board of Directors of its general partner declared a cash distribution of $0.4675 per Common, Subordinated and Class C Unit for the 2013 first quarter. The first quarter cash distribution represents represents an increase of $0.0175, or 3.9%, compared to the 2012 fourth quarter. The Board of Directors of the general partner also declared a distribution equal to $0.4675 per unit on the Partnership's Class B Units. The distribution to the Class B unitholders will be paid in the form of additional Class B units. The distributions will be payable on May 15, 2013 to all unitholders of record at the close of business on May 8, 2013, together with the distribution to the general partner. Full Article
Access Midstream Partners LP Announces Pricing Of Public Offering Of Common Units
Access Midstream Partners LP announced that it has priced an underwritten public offering of 9,000,000 common units representing limited partner interests. The Partnership has granted the underwriters a 30-day option to purchase up to 1,350,000 additional common units. The common units were offered to the public at $39.86 per unit. The offering is expected to close on April 2, 2013. The Partnership intends to use the net proceeds from the offering, including any net proceeds received from an exercise of the underwriters' option to purchase additional common units, for general partnership purposes, including repayment of amounts outstanding under the Partnership's revolving credit facility. Barclays, BofA Merrill Lynch, Citigroup, Morgan Stanley, Wells Fargo Securities, Deutsche Bank Securities and UBS Investment Bank will act as joint book-running managers for the offering. Full Article
Access Midstream Partners LP Announces Public Offering Of Common Units
Access Midstream Partners LP announced the commencement of an underwritten public offering of 9,000,000 common units representing limited partner interests of the Partnership. The Partnership will also grant the underwriters a 30-day option to purchase up to 1,350,000 additional common units. The Partnership intends to use the net proceeds from this offering, including any net proceeds from the underwriters` exercise of their option, for general partnership purposes, including repayment of amounts outstanding under the Partnership`s revolving credit facility. Barclays, BofA Merrill Lynch, Citigroup, Morgan Stanley, Wells Fargo Securities, Deutsche Bank Securities and UBS Investment Bank will act as joint book-running managers for the offering. Full Article
Access Midstream Partners LP Reaffirms FY 2013, 2014 EBITDA Guidance
Access Midstream Partners LP announced that for fiscal 2013, it is projecting EBITDA to be between $800 million and $850 million. The Company also announced that it is projecting EBITDA for fiscal 2014 to be between $1.0 billion and $1.1 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $807 million for fiscal 2013; EBITDA of $1.1 billion for fiscal 2014. Full Article
Access Midstream Partners LP Increases Distribution To $0.45 Per Unit For 2012 Fourth Quarter
Access Midstream Partners LP announced that the Board of Directors of its general partner declared a cash distribution of $0.45 per Common, Subordinated and Class C Unit for the 2012 fourth quarter. The fourth quarter cash distribution represents an increase of $0.06, or 15.4%, compared to the 2011 fourth quarter and represents an increase of $0.015, or 3.4%, compared to the 2012 third quarter. Full Article
Williams Companies Inc Completes Acquisition Of Access Midstream Partners LP Investments For Total Consideration Approximately $2.25 Billion
Williams Companies Inc announced that the Company has completed its previously announced investments in privately held Access Midstream Partners GP, L.L.C. (Access GP) and Access Midstream Partners LP . The total consideration for the Company's investments in the Access Midstream entities was approximately $2.25 billion including transaction costs. That amount was reduced from the previously reported amount of up to $2.4 billion due primarily to ACMP's capital-raising activities and closing adjustments. Williams' total cash consideration paid to GIP Fund I was $1.82 billion for a 50% interest in Access Midstream Ventures, L.L.C., the sole owner of Access GP, and 34.5 million ACMP subordinated LP units. Williams' total cash consideration for its direct ACMP investments included approximately $356 million for Class B payment-in-kind (PIK) units and Class C subordinated units. This amount includes $13 million for Williams to maintain its share of the general-partner interest. As a result of ACMP's $592 million equity offering, Williams' commitment to purchase up to an additional $230 million in ACMP equity was not needed and the commitment was canceled. Williams owns a 50% interest in Access GP which includes a 2% interest in ACMP and incentive distribution rights. In addition, William's holds 24% of ACMP's outstanding limited-partner units. Full Article
Access Midstream Partners LP Announces Upsizing and Pricing of Public Offering of Common Units
Access Midstream Partners LP announced that it has priced an upsized underwritten public offering of 16,000,000 common units representing limited partner interests. The Partnership has granted the underwriters a 30-day option to purchase up to 2,400,000 additional common units. The common units were offered to the public at $32.15 per unit. The offering is expected to close on December 18, 2012, subject to customary closing conditions. The Partnership intends to use a portion of the net proceeds from the offering, including any net proceeds received from an exercise of the underwriters’ option to purchase additional common units, to fund a portion of the purchase price of its pending acquisition of Chesapeake Midstream Operating, L.L.C., a midstream gas gathering and processing business owned by Chesapeake Midstream Development, L.L.C., a wholly owned subsidiary of Chesapeake Energy Corporation, and the remainder for general partnership purposes. Citigroup, Barclays, UBS Investment Bank, BofA Merrill Lynch, Morgan Stanley and Wells Fargo Securities will act as joint book-running managers for the offering. Full Article
Access Midstream Partners LP Announces Pricing of $1.4 Billion Offering of Senior Notes Due 2023
Access Midstream Partners LP announced the pricing of a public offering of $1.4 billion of senior notes due 2023 (the Notes). The Notes bear interest at a rate of 4.875% per annum. The closing of the offering is expected to occur December 19, 2012 and is subject to customary closing conditions. The Partnership intends to use the net proceeds of the offering (i) to fund a portion of the purchase price for its pending acquisition of Chesapeake Midstream Operating, L.L.C., a midstream gas gathering and processing business owned by Chesapeake Midstream Development, a wholly owned subsidiary of Chesapeake Energy Corporation (ii) to repay a portion of the outstanding balance under its revolving credit facility and (iii) for general partnership purposes. Full Article
Access Midstream Partners LP Announces $1.4 Billion Offering Of Senior Notes Due 2023
Access Midstream Partners LP announced it has commenced a public offering of $1.4 billion of senior notes due 2023 (the "Notes"). The Partnership intends to use the net proceeds of the offering (i) to fund a portion of the purchase price for its pending acquisition of Chesapeake Midstream Operating, L.L.C., a midstream gas gathering and processing business owned by Chesapeake Midstream Development, L.L.C., a wholly owned subsidiary of Chesapeake Energy Corporation to repay a portion of the outstanding balance under revolving credit facility and for general partnership purposes. Citigroup, Barclays, UBS Investment Bank and Wells Fargo Securities will act as lead book-running managers of the notes offering. Full Article
Access Midstream Partners LP Announces Public Offering Of Common Units
Access Midstream Partners LP announced the commencement of an underwritten public offering of 13,750,000 common units representing limited partner interests of the Partnership. The Partnership will also grant the underwriters a 30-day option to purchase up to 2,062,500 additional common units. The Partnership intends to use the net proceeds from this offering, including any net proceeds from the underwriters` exercise of their option, to fund a portion of the purchase price of its pending acquisition of Chesapeake Midstream Operating, L.L.C., a midstream gas gathering and processing business owned by Chesapeake Midstream Development, L.L.C., a wholly owned subsidiary of Chesapeake Energy Corporation. Citigroup, Barclays and UBS Investment Bank will act as joint book-running managers for the offering. Full Article
TEXT - Fitch rates The Williams Cos notes 'BBB-'
Dec 13 - Fitch Ratings assigns a 'BBB-' rating to The Williams Companies, Inc.'s (WMB) proposed offering of $850 million of senior notes. Note proceeds will be used to partially fund WMB's purchase of general partner (GP) and limited partner (LP) interests in Access Midstream Partners (ACMP). WMB has a Stable Rating Outlook. If the ACMP transaction is not closed by Jan. 31, 2013, WMB will be required to redeem the notes. The two-step transaction as outlined by WMB contemplates the purchase from
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