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ONEOK Prices $700 Mln Senior Notes Offering

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1/23/2012 6:37 PM ET

ONEOK, Inc. (OKE: Quote) said Monday that it has priced an offering to sell $700 million of 4.25% senior notes due 2022.

The net proceeds, after deducting underwriting discounts and estimated expenses, are expected to be about $694 million.

ONEOK expects to use the proceeds to repay amounts outstanding under its $1.2 billion commercial paper program and for general corporate purposes, which may include one or more of the following: repurchase of ONEOK common stock under a previously approved share-repurchase program; purchase of additional common units of ONEOK Partners, L.P. (OKS) in which ONEOK is a 42.8% owner and sole general partner; and the payment of dividends.

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by RTT Staff Writer

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