Williams Companies issues $2.75 billion in senior notes across four tranches
The pipeline operator priced debt ranging from 2029 notes to 2056 notes in a registered offering.
The Williams Companies, Inc. (WMB) completed a registered offering of $2.75 billion in aggregate principal amount of senior notes across four tranches, according to a regulatory filing on Wednesday.
Key takeaways
- Issued
$500 millionof 5.000% senior notes due 2029. - Issued
$1.0 billionof 5.600% senior notes due 2033. - Issued
$750 millionof 5.800% senior notes due 2036. - Issued
$500 millionof 6.400% senior notes due 2056.
Note terms and interest payments
The 2029 notes will pay interest semi-annually in cash in arrears on April 15 and October 15 of each year, beginning on April 15, 2027. The 2033 notes, the 2036 notes, and the 2056 notes will pay interest semi-annually in cash in arrears on March 15 and September 15 of each year, beginning on March 15, 2027. The notes are senior unsecured obligations of the company and rank equally in right of payment with all other senior indebtedness.
Indenture and redemption options
The notes were issued pursuant to a base indenture dated December 18, 2012, with The Bank of New York Mellon Trust Company, N.A. as trustee, as supplemented by the fourteenth supplemental indenture dated September 10, 2026. The company may redeem some or all of the notes prior to their par call dates at a specified make-whole premium described in the indenture. The company also holds the option to redeem the notes on or after their par call dates at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest.
Why it matters
The offering raises substantial capital through unsecured debt instruments across multiple maturity dates spanning up to three decades. The indenture includes customary events of default and covenants restricting the company and certain subsidiaries from incurring liens on assets to secure debt or engaging in mergers, consolidations, or asset sales.
By the numbers
| Metric | Value | Source |
|---|---|---|
| 2029 Notes Principal | $500 million | Filing |
| 2033 Notes Principal | $1.0 billion | Filing |
| 2036 Notes Principal | $750 million | Filing |
| 2056 Notes Principal | $500 million | Filing |
| Total Offering | $2.75 billion | Filing |
Closing notes and maturity schedule
The notes are registered under the Securities Act of 1933 pursuant to a registration statement on Form S-3 and a prospectus supplement dated September 8, 2026. The 2029 notes mature prior to the longer-dated tranches, while the 2056 notes extend the maturity profile out to thirty years. The filing did not specify the intended net proceeds use for the capital raised.