TULSA,
Okla., Sept. 10, 2024 /PRNewswire/ -- ONEOK, Inc.
(NYSE: OKE) today announced that it has priced an offering to sell
$7.0 billion of senior notes,
consisting of:
- $1.25 billion of 3-year senior
notes at a coupon of 4.25%.
- $600 million of 5-year senior
notes at a coupon of 4.40%.
- $1.25 billion of 7-year senior
notes at a coupon of 4.75%.
- $1.60 billion of 10-year senior
notes at a coupon of 5.05%.
- $1.50 billion of 30-year senior
notes at a coupon of 5.70%.
- $800 million of 40-year senior
notes at a coupon of 5.85%.
The net proceeds from the offering, after deducting underwriting
discounts, commissions and offering expenses, are expected to be
approximately $6.92 billion. ONEOK
intends to use the net proceeds from the offering to fund the
purchase price for its previously announced transactions to acquire
Global Infrastructure Partners' (GIP) interest in EnLink Midstream,
LLC ("EnLink" and, such transaction, the "EnLink Transaction") and
GIP's interest in Medallion Midstream, LLC and to pay fees and
expenses related to the respective transactions. ONEOK intends to
use any remaining net proceeds from the offering for general
corporate purposes, which may include the repayment of outstanding
indebtedness, including the repurchase or redemption of existing
notes. ONEOK expects the offering to close on or about Sept. 24, 2024, subject to the satisfaction of
customary closing conditions.
The 3-year notes, the 5-year notes and the 7-year notes will be
subject to a "special mandatory redemption" if the EnLink
Transaction is not completed on or before the EnLink Outside Date
(as described in the prospectus supplement); prior to the EnLink
Outside Date, the EnLink Purchase Agreement is terminated; or ONEOK
otherwise notifies the trustee in writing that it will not pursue
the consummation of the EnLink Transaction.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC,
Barclays Capital Inc., BofA Securities, Inc., Wells Fargo
Securities, LLC, Citigroup Global Markets Inc., Mizuho Securities
USA LLC, MUFG Securities Americas
Inc., Scotia Capital (USA) Inc.,
TD Securities (USA) LLC and
Siebert Williams Shank & Co.,
LLC are acting as joint book-running managers for the offering.
CIBC World Markets Corp., Deutsche Bank Securities Inc., PNC
Capital Markets LLC, RBC Capital Markets, LLC, Regions Securities
LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc.,
U.S. Bancorp Investments, Inc., Academy Securities, Inc., BOK
Financial Securities, Inc., Loop Capital Markets LLC and R. Seelaus
& Co., LLC are acting as co-managers for the offering.
This news release is neither an offer to sell nor a solicitation
of an offer to buy any of these securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
A registration statement relating to the notes was previously
filed with, and became effective under the rules of, the Securities
and Exchange Commission (SEC). ONEOK offered the notes to the
public by means of a prospectus and prospectus supplement, which
are part of the registration statement.
A copy of the prospectus and prospectus supplement may be
obtained from:
J.P. Morgan Securities LLC
383 Madison Avenue
New York, NY 10179
Attention: Investment Grade Syndicate Desk
Telephone: (212) 834-4533 (collect)
Goldman Sachs & Co. LLC
200 West Street
New York, NY 10282
Attention: Prospectus Department
Telephone: 1-866-471-2526
E-mail: prospectus-ny@ny.email.gs.com
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 1-888-603-5847
Email: barclaysprospectus@broadridge.com
BofA Securities, Inc.
NC1-022-02-25
201 North Tryon Street
Charlotte, NC 28255-0001
Attn: Prospectus Department
Email: dg.prospectus_requests@bofa.com
Wells Fargo Securities, LLC
Attn: WFS Customer Service
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
Telephone: 1-800-645-3751
Email: wfscustomerservice@wellsfargo.com
An electronic copy of the registration statement and prospectus
supplement, together with the base prospectus, is available on the
SEC's website at www.sec.gov.
At ONEOK (NYSE: OKE), we deliver energy products and services
vital to an advancing world. We are a leading midstream operator
that provides gathering, processing, fractionation, transportation
and storage services. Through our more than 50,000-mile pipeline
network, we transport the natural gas, natural gas liquids (NGLs),
refined products and crude oil that help meet domestic and
international energy demand, contribute to energy security and
provide safe, reliable and responsible energy solutions needed
today and into the future. As one of the largest diversified energy
infrastructure companies in North
America, ONEOK is delivering energy that makes a difference
in the lives of people in the U.S. and around the world.
ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.
FORWARD-LOOKING STATEMENTS:
This communication contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact,
included in this communication that address activities, events or
developments that ONEOK expects, believes or anticipates will or
may occur in the future are forward-looking statements.
Words such as "estimate," "project," "predict," "believe,"
"expect," "anticipate," "potential," "opportunity," "create,"
"intend," "could," "would," "may," "plan," "will," "guidance,"
"look," "goal," "target," "future," "build," "focus," "continue,"
"strive," "allow" or the negative of such terms or other variations
thereof and words and terms of similar substance used in connection
with any discussion of future plans, actions, or events identify
forward-looking statements. However, the absence of these words
does not mean that the statements are not forward-looking.
These forward-looking statements include, but are not limited
to, statements regarding prevailing market conditions, the expected
closing of the offering of notes and the use of proceeds therefrom.
There are a number of risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements included in this communication. These include the risk
that the credit ratings following the proposed transactions may be
different from what ONEOK expects; the risk that a condition to
closing of either of the proposed transactions may not be
satisfied, that any party may terminate the applicable definitive
agreements or that the closing of either of the proposed
transactions might be delayed or not occur at all; the risk of
potential adverse reactions or changes to business or employee
relationships, including those resulting from the announcement or
completion of the proposed transactions; the risk that the parties
do not receive regulatory approval of the proposed transactions;
risks related to the occurrence of any other event, change or
circumstance that could give rise to the termination of the
proposed transactions; the risk that changes in ONEOK's capital
structure could have adverse effects on the market value of its
securities; the risk that ONEOK may be unable to reduce expenses or
access financing or liquidity; risks related to the impact of any
economic downturn and any substantial decline in commodity prices;
and other important factors that could cause actual results to
differ materially from those projected.
All such factors are difficult to predict and are beyond ONEOK's
control, including those detailed in ONEOK's Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K that are available on ONEOK's website at www.oneok.com and on
the website of the SEC at www.sec.gov. All forward-looking
statements are based on assumptions that ONEOK believes to be
reasonable but that may not prove to be accurate. Any
forward-looking statement speaks only as of the date on which such
statement is made, and ONEOK does not undertake any obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof.
Analyst Contact:
|
Megan Patterson
|
|
918-561-5325
|
Media Contact:
|
Brad Borror
|
|
918-588-7582
|
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SOURCE ONEOK, Inc.