Williams Cos. Prices $2.75B Senior Notes Offering to Refinance Debt
Tulsa-Based Energy Firm Targets Near-Term Maturities
Williams Companies announced the pricing of a $2.75 billion public offering of senior notes, a move designed primarily to refinance near-term debt maturities and strengthen the company’s long-term balance sheet.
The offering, which spans three separate tranches, allows the Tulsa-based natural gas infrastructure company to address more than $1 billion in notes coming due in 2026, while also providing capital for general corporate purposes.
The transaction is expected to settle January 8, 2026, subject to customary closing conditions.
Breakdown of the Three-Tranche Offering
Williams structured the offering across multiple maturities, reflecting investor demand for long-term energy infrastructure debt and confidence in the company’s cash-flow stability.
The offering includes:
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$500 million of 5.650% Senior Notes due 2033, priced at 104.465% of par
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$1.25 billion of 5.150% Senior Notes due 2036, priced at 99.882% of par
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$1.0 billion of 5.950% Senior Notes due 2056, priced at 99.645% of par
The 2033 notes represent an additional issuance of Williams’ previously issued 5.650% Senior Notes from March 2, 2023. Once settled, the total outstanding principal of the 2033 notes will rise to $1.25 billion, and the newly issued notes will trade interchangeably with the existing tranche.
Refinancing 2026 Debt a Primary Use of Proceeds
Williams said it plans to use the net proceeds of the offering primarily to repay near-term debt, including approximately $1.1 billion of 5.400% Senior Notes due in 2026.
By pushing maturities further into the next decade and beyond, the company is reducing refinancing risk while aligning its capital structure with the long-lived nature of its natural gas transmission and infrastructure assets.
Any remaining proceeds will be used for general corporate purposes, which may include capital investments, working capital, or other strategic initiatives.
Major Financial Institutions Lead the Offering
Several major financial institutions are serving as joint book-running managers for the transaction, including:
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Barclays Capital
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BofA Securities
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CIBC World Markets
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Truist Securities
The participation of multiple large underwriters highlights continued market appetite for investment-grade energy infrastructure debt, even amid broader volatility in interest rates and commodity markets.
Williams Maintains Access to Capital Markets
The successful pricing reinforces Williams’ ability to access public debt markets at scale, supported by its extensive natural gas pipeline network and fee-based revenue model.
As U.S. natural gas demand continues to grow — driven by power generation, LNG exports, and data center development — Williams remains positioned as a key midstream operator supplying long-term energy infrastructure across North America.