Williams Partners announced today that a Distribution Reinvestment Plan for owners of its common units is open for enrollment
OREANDA-NEWS. Williams Partners L.P. (NYSE: WPZ) announced today that a Distribution Reinvestment Plan (the “Plan”) for owners of its common units is open for enrollment. The Plan became effective on Sept. 1, 2016 with the Partnership’s filing of its Form S-3 registration statement with the Securities and Exchange Commission (“SEC”), and the Plan will commence with the quarterly distribution for the quarter ending Sept. 30, 2016.
Under the Plan, registered unitholders may invest all or a portion of their cash distributions in the Partnership’s common units. The price for newly issued common units purchased under the Plan will be the average of the high and low trading prices of the common units on the New York Stock Exchange for the five trading days immediately preceding the distribution date, less a discount ranging from 0 percent to 5 percent (initially 2.5 percent). In the event the Partnership determines that common units purchased under the Plan will be acquired on the open market by the Administrator (defined below), the purchase price for such common units will be the weighted average price of all common units acquired for the Plan for the respective investment date, less a discount ranging from 0 percent to 5 percent (initially 2.5 percent). The Partnership currently intends to satisfy reinvestments under the Plan by issuing new common units.
Only registered unitholders can participate directly in the Plan. Beneficial owners of common units that are registered in someone else’s name (for example, a bank, broker or trustee) can make arrangements with such person to participate in the Plan on their behalf, or can participate by withdrawing their common units from such person and registering the common units in the unitholder’s name. Beneficial owners of common units should contact their bank, broker or trustee directly with regard to participation in the Plan.
Participation in the Plan is voluntary, and if a unitholder elects to participate, the unitholder may terminate participation in the Plan at any time (subject to restrictions following a relevant record date).
The Partnership has appointed Computershare Trust Company, N.A., to administer the Plan (the “Administrator”). Unitholders can enroll online by following the enrollment procedures specified on the Administrator’s website at www.computershare.com/investor or by completing and signing an Enrollment Form and returning it to the Administrator.
Unitholders should read carefully the prospectus describing the Plan before deciding to participate in the Plan. A copy of the Plan’s prospectus can be found on the Partnership’s website at http://williams.investorhq.businesswire.com/williams/distribution-reinvestment-plan-enrollment.
The Williams Companies Inc. (NYSE: WMB) (“Williams”) intends to participate in the Plan. Williams and the Partnership announced in their Second Quarter 2016 Financial Results news releases on Aug. 1, 2016 that Williams intends to reinvest approximately $1.45 billion into the Partnership through 2017 via the Plan and that such investment is intended to enhance value, strengthen their credit profiles and fund the development of a significant portfolio of fee-based growth projects at the Partnership, while maintaining flexibility.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the common units described in this news release, nor shall there be any sale of these common units in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offer is being made only through an effective registration statement on Form S-3, including the prospectus contained therein, that was filed with the SEC on Sept. 1, 2016, and became effective upon filing.
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