Williams Pipeline Company Sinks on Secondary Offering (WPZ, WMB)
April 4, 2012 by Paul Ausick
Williams Pipeline Partners LP (NYSE: WPZ), a pipeline master limited partnership, announced a secondary offering of 10 million common units this morning at a price of $54.56/unit. The company’s common units closed last night at $56.30.
Williams Pipeline’s majority owner, Williams Companies Inc. (NYSE: WMB), completed a secondary offering of 26 million shares last week. Both offerings will use proceeds either directly or indirectly to finance Williams Pipeline’s acquisition of Caiman Eastern Midstream LLC, the owner of a gathering system in the Marcellus shale play.
Williams Pipeline’s common units are down -3.5% at $54.33 in a 52-week range of $45.39-$65.39. Williams Cos. shares are down nearly -1% at $31.14 in a 52-week range of $21.90-$33.47.
