DOW JONES NEWSWIRES Williams Partners LP (WPZ) unveiled plans to offer 7.5 million common units representing partnership interests to help pay for midstream-asset purchases. Units in the natural-gas company traded down 3.1% at $47.40 after hours, as the offering would boost shares outstanding by about 2.7%. Through the close, the stock had risen 60% so far this year. Williams Partners said the proceeds could be used to pay for its acquisition of Cabot Oil & Gas Corp. (COG) midstream shale assets, which was announced last month as part of a $150 million deal that included a 25-year gathering agreement. The company also said the proceeds could be used to repay $200 million it borrowed to buy midstream assets from Williams Cos. (WMB). Williams Partners is the holder of gas-transportation and gathering assets for Williams Cos. (WMB). As a result of the unit offering, Williams Cos.' interest in the partnership will drop two percentage points to 73% or further depending on underwriters' use of a 1.1 million-unit overallotment option. The offering is being made under the company's shelf registration with the Securities and Exchange Commission. In its latest quarterly results, Williams Partners's profit fell 19% on higher interest costs related to the acquisitions from Williams Cos. --By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com
