ONEOK, Inc. filed reports this week indicating it had finalized its $3 billion public offering of notes.
The offering included $750 million of 4.950% notes due 2032, $1 billion of 5.400% notes due 2035 and $1.25 billion in 6.250% notes due 2055.
The notes are guaranteed by ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., Elk Merger Sub II, LLC, and Enlink Midstream Partners, L.P.
The company stated in the filing that it intends to use the net proceeds from the offering of approximately $2.959 billion, after deducting underwriting discounts and estimated offering expenses, to repay all of its outstanding commercial paper and repay in full at maturity its senior notes due September 15, 2025, together with any accrued and unpaid interest to the date of repayment.
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 registered the sale of the Notes with the Securities and Exchange Commission pursuant to a Registration Statement on Form S-3 (Registration No. 333-272782) filed on June 20, 2023, as amended by Post-Effective Amendment No. 1 to Form S-3, filed on September 10, 2024, and Post-Effective Amendment No. 2 to Form S-3, filed on August 6, 2025.