Williams Unveils $11.4B Financial Repositioning Of MLP
Law360, New York (January 9, 2017, 8:13 PM EST) -- The Williams Cos. Inc. on Monday announced plans to rework its financial relationship with its master limited partnership, Williams Partners LP, in a move worth about $11.4 billion, as part of the pipeline giant's ongoing effort to strengthen its position in the aftermath of a failed megamerger.
As part of the repositioning, Williams plans to permanently waive payment obligations under the incentive distribution rights held by Williams and plans to convert its economic general partner interest into a noneconomic interest in exchange for 289 million newly issued Williams Partners common units, according to a statement.
The pipeline company also plans to...
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