Northwest Pipeline LLC, a subsidiary of The Williams Companies, entered into a new $250 million term loan facility on December 1, 2025, according to a regulatory filing. The credit agreement, arranged with PNC Bank as administrative agent, funds the refinancing of Northwest Pipeline’s 7.125% senior notes that matured the same day and also provides capital for working capital, acquisitions, and general corporate purposes.

The three-year term loan bears interest at either an Alternate Base Rate or Adjusted Term SOFR, plus an applicable margin tied to the company’s senior unsecured debt ratings. Northwest Pipeline must maintain a debt-to-capitalization ratio of no more than 65%, tested quarterly.

The facility includes customary covenants and events of default, giving lenders the right to accelerate repayment if triggered.