Finance & Investing | Fundraising | Capital Markets
ONEOK Prices $500 Million in Senior Notes
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ONEOK, Inc. has priced an offering to sell $500 million of 7.50 percent senior notes due 2023. The notes will be issued under ONEOK's existing shelf registration statement previously filed with the U.S. Securities and Exchange Commission.
The net proceeds, after deducting underwriting discounts and estimated expenses, are expected to be approximately $487.1 million. ONEOK expects to use the proceeds and cash on hand to purchase additional common units from ONEOK Partners, L.P. in a private placement. Funds managed by Kayne Anderson Capital Advisors, L.P. also will purchase $100 million of common units from ONEOK Partners concurrently with ONEOK's purchase.
ONEOK is the parent company of ONEOK Partners GP, L.L.C. (General Partner), the sole general partner of ONEOK Partners. Following the common unit purchases, ONEOK's and the General Partner's aggregate ownership interest in ONEOK Partners will increase to 41.2 percent from 36.8 percent.
The sole book-running manager for the offering is Citigroup. ONEOK expects the notes offering to close on Aug. 21, 2015.
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