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Williams Partners Files for IPO

TULSA, Okla. (AP) _ Williams Partners LP, a partnership formed by Williams Cos. to manage energy assets, on Monday filed to sell about $120 million of common units in an initial public offering.

In a regulatory filing, the partnership said it plans to offer 5 million common units _ each representing a limited partner interest _ but did not give an estimated price range. Williams Partners is selling all of the units, the company said.

Lehman Brothers is managing the deal, along with underwriters Citigroup Global Markets, RBC Capital Markets and Wachovia Capital Markets. The underwriters have the option to buy up to 750,000 additional units to cover over-allotments.

Williams Partners said it will own a 40 percent interest in a natural-gas gathering, transportation and processing system in Louisiana, a sour-gas gathering pipeline off the coast of Alabama, three natural gas liquids storage facilities near Conway, Kan., and a 50 percent interest in a natural gas liquids fractionator near Conway.

The company is planning to use the projected $93.5 million in proceeds to repay $85.4 million in advances to Williams, while the remainder will go to working capital and expenses related to the IPO and other formation transactions.

Williams, which will apply to list its shares as ``WPZ'' on the New York Stock Exchange, is expecting to launch the offering during the third quarter.
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