ONEOK, Inc. is in the search for more investors and announced Thursday it plans an underwritten public offering of 26 million shares of its common stock.
The company stated that it expects to grant to the underwriters a 30-day over-allotment option to purchase up to 3.9 million additional shares. In Wednesday’s trading, ONEOK shares dropped 5.5% or $2.46 and finished the day at $41.98 a share.
ONEOK expects to use the net proceeds from the offering for general corporate purposes, which may include the repayment of existing indebtedness and the funding of capital expenditures.
Barclays, J.P. Morgan and Citigroup are acting as lead book-running managers in the offering.
BofA Securities, Credit Suisse and Wells Fargo Securities are also acting as book-running managers for the offering.
Source: ONEOK