Williams, Williams Partners Updates on Sale of Canadian Assets
Williams and Williams Partners reported the completion of the sale of its Canadian businesses to Inter Pipeline.
According to a media release, the combined cash proceeds amounted to $1.38 billion CAD between the partnership and company.
In connection with the sale, Williams agreed to waive $150 million USD of incentive distribution rights in the quarter following closing to facilitate the partnership's consent to the sale in recognition of the value of inter-company contracts. After taking into account this waiver, the division of the combined sales price between the entities is ~$839 million USD for Williams Partners and ~$220 million USD for Williams. The partnership and the company plan to use the cash proceeds from the transactions to reduce borrowings on credit facilities.
Certain amounts are required to be withheld and deposited into escrow accounts in accordance with the sale agreements. At closing, $105 million CAD of Williams' proceeds were placed in escrow pending the receipt of certain credits being pursued by the Canadian businesses. In compliance with certain tax rules pertaining to a sale of Canadian assets by a foreign parent, 25 percent of the total proceeds, after the withholding described above, were deposited with an escrow agent pending receipt of Canadian Revenue Agency tax clearance which is expected in late 2016 or early 2017. The company and the partnership do not expect a taxable gain on the transactions.
"Completing this transaction represents further progress on the commitment we made in early 2016 to strengthen our balance sheet and position Williams for continued growth," said Alan Armstrong, Williams' president and chief executive officer. "This action enhances our ability to deliver on our natural gas focused-strategy and emphasis on our core business."
TD Securities acted as lead financial advisor and Barclays acted as a co-advisor to Williams on the transactions.
((Comments on this story may be sent to email@example.com))
THE DAILY VIEW
Tea Forté Introduces ‘Matcha’ Collection
Convenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.
The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.
"The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."
Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.
According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.
Available now in select stores and online at teaforte.com.
Expedia.com has released a year-end look at U.S. traveler behavior and trends for 2017, analyzing data to identify the most in-demand destinations, hotels, activities and more.
Among other insights, the roundup revealed:
- Labor Day was the busiest weekend for car rental
- Disney Theme Parks topped the list of things to do
- The average hotel stay was two nights
- Top destinations based on 2017 air travel included major global cities like New York, London and Bangkok
- Popular tourist destinations included Orlando, Cancun and Las Vegas