ONEOK, Inc. announced it has completed its previously announced underwritten public offering of $1.25 billion in different notes.
The offering included the $1.25 billion of 4.250% notes due 2027, another $600 million in 4.400% notes due 2029, $1.25 billion in 4.750% notes due 2031, $1.60 billion of 5.050% notes due 2023, $1.50 billion in 5.700% notes due 2054, and $800 million of 5.850% notes due 2064 and together with the 2027 notes, the 2029 notes, the 2031 notes, the 2034 notes and the 2054 notes.
ONEOK intends to use the net proceeds from the Offering of approximately $6.9 billion, after deducting underwriting discounts and estimated offering expenses, to fund the purchase prices for its previously announced transactions with affiliates of Global Infrastructure Partners to acquire GIP’s entire
interests in EnLink Midstream, LLC and Medallion Midstream, LLC and to pay related fees and expenses. ONEOK intends to use any remaining net proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness, including the repurchase or redemption of existing notes.
In connection with the issuance of the Notes, ONEOK terminated $6.0 billion in commitments under the previously disclosed debt commitment letter with JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA pursuant to which the Banks agreed to provide ONEOK with an unsecured term loan facility in an aggregate amount of $6.0 billion available in two draws. The Commitments were voluntarily terminated by ONEOK, as ONEOK determined that the Commitments were no longer necessary to finance the Transactions.
