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Get filing alertsWilliams refinances credit facilities with up to $3.75B 5-year revolver and up to $1B 364-day facility
Filed May 20, 2026 · Period ending May 20, 2026 · ~1 min read
Key Changes
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Refinanced existing credit agreement with new up to $3.75B revolving facility, expandable to $4.25B, with 5-year term extendable to 7 years for working capital, acquisitions, and capex
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Added separate up to $1B 364-day revolving facility expandable to $1.15B, with option to convert to 1-year term loans at maturity
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Maintains 5.0x debt-to-EBITDA covenant (5.5x for two quarters post-acquisition over $25M); subsidiaries capped at 65% debt-to-capitalization
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Williams Companies refinanced its 2021 credit agreement with two new facilities totaling $4.75 billion in committed capacity. The primary facility is a $3.75 billion five-year revolver (expandable to $4.25 billion) that can be extended up to seven years, while a supplemental up to $1 billion 364-day facility (expandable to $1.15 billion) provides additional short-term flexibility. Both facilities support working capital, acquisitions, capital expenditures, and general corporate purposes.
The refinancing maintains reasonable financial flexibility with a 5.0x debt-to-EBITDA covenant that temporarily increases to 5.5x for two quarters following material acquisitions. The subsidiary borrowers, Transco and Northwest, face a 65% debt-to-capitalization limit. This is a routine refinancing that replaces an existing facility with similar terms and purposes, providing Williams with continued access to liquidity for its midstream energy operations.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Williams Companies refinanced credit facilities: up to $3.75B 5-year revolver and up to $1B 364-day facility, both with expansion options.
Added in current filing · verify on EDGAR →
On May 19, 2026 (the “Credit Agreement Effective Date”), The Williams Companies, Inc. (the “Company”), Northwest Pipeline LLC (“Northwest”) and Transcontinental Gas Pipe Line Company, LLC (“Transco” and, together with the Company and Northwest, the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) with the lenders named therein and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent. The Credit Agreement, which amends and restates that certain Credit Agreement, dated as of October 8, 2021, among the Borrowers, the lenders named therein and Wells Fargo as administrative agent, may be used for working capital, acquisitions, capital expenditures and other general corporate, partnership or limited liability company, as applicable, purposes.
The Borrowers may borrow, in the aggregate, up to $3.75 billion under the Credit Agreement.
Williams Companies and two subsidiaries refinanced their existing credit facility with a new $3.75 billion revolving credit agreement. The facility replaces a 2021 credit agreement and can be used for working capital, acquisitions, capital expenditures, and general corporate purposes. The facility has a five-year initial term with options to extend up to seven years, and can be expanded by up to $500 million to a maximum of $4.25 billion.
Added in current filing · verify on EDGAR →
On the Credit Agreement Effective Date, each of the Borrowers also entered into a 364-Day | Credit Agreement (the | “364-Day Credit Agreement”) with the lenders named therein and Citibank, N.A. (“Citibank”), as administrative agent. The 364-Day Credit Agreement may be used for working capital, acquisitions, capital expenditures and other general corporate, partnership or limited liability company, as applicable, purposes.
The Borrowers may borrow, in the aggregate, up to $1.0 billion under the 364-Day Credit Agreement.
Williams also entered into a separate $1.0 billion 364-day revolving credit facility with Citibank as administrative agent. This shorter-term facility can be expanded by up to $150 million to a maximum of $1.15 billion, and the borrowers can request to convert revolving loans into one-year term loans at maturity. The facility serves similar purposes as the main credit agreement.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 8, 2026 · How we verify