Finance & Investing | Fundraising | Capital Markets
ONEOK to Sell $800 Million in Senior Notes
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ONEOK Partners, L.P. has priced an offering to sell $800 million of senior notes, consisting of $300 million of five-year senior notes at a coupon of 3.8 percent and $500 million of 10-year senior notes at a coupon of 4.9 percent. The notes will be issued under the partnership's existing shelf registration statement previously filed with the Securities and Exchange Commission.
The net proceeds, after deducting underwriting discounts and commissions, are expected to be $793.8 million. ONEOK Partners expects to use the proceeds to repay amounts outstanding under its commercial paper program and for general partnership purposes.
The joint book-running managers for the offering are J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Mitsubishi UFJ Securities (USA), Inc. and U.S. Bancorp Investments, Inc. ONEOK Partners expects the notes offering to close on March 20, 2015.