Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

ONEOK Partners Announces 7.0 Mln Common Units Public Offering; Stock Down

RELATED NEWS
Trade OKS now with 

ONEOK Partners, L.P (OKS: Quote) Monday announced a public offering of 7.0 million of its common units, representing limited partner interests, subject to market and other conditions.

In addition, the partnership will concurrently sell 7.0 million of its common units to ONEOK, Inc. (OKE: Quote) in a private placement. ONEOK, Inc. and a subsidiary, which is the sole general partner of the partnership, currently own an aggregate 42.8 percent interest in the partnership.

ONEOK Partners expects to use the net proceeds from the common unit public offering and private placement to repay amounts outstanding under its $1.2 billion commercial paper program, to repay amounts on the maturity of its $350 million 5.9 percent senior notes due April 2012, for capital expenditures and for other general partnership purposes.

Barclays Capital, BofA Merrill Lynch, Citigroup, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities are acting as joint book-running managers in the public offering. Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan and RBC Capital Markets are acting as co-managers.

The partnership is expected to grant to the underwriters a 30-day option to purchase up to an additional 1,050,000 units to cover over-allotments, if any. The private placement of common units to ONEOK, Inc. will not be subject to an over-allotment option.

When the common unit public offering and private placement are complete, ONEOK Partners will have 217.8 million units outstanding, which includes 144.8 million common units and 73.0 million Class B units. ONEOK, Inc. and a subsidiary, which is the sole general partner of the partnership, will increase their aggregate ownership interest in the partnership to 43.3 percent from 42.8 percent, assuming the over-allotment option is not exercised.

OKS closed Monday's regular trade at $61.23, up $0.21 or 0.34%, on the NYSE. In the after-hours, the stock lost $2.17 or 3.54%. Over the past year, the stock traded in a range of $43.05 - $61.02.

Register
To receive FREE breaking news email alerts for Oneok Partners L.P. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Beverages giant Coca-Cola Co. reported Tuesday a profit for the third quarter that decreased 14 percent from last year, despite higher worldwide volumes, reflecting a revenue drop. Adjusted earnings per share matched analysts' expectations, even as quarterly revenues missed their estimates. Following the announcement, the company's shares are trading more than five percent lower in early deals. Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Programmable chipmaker Xilinx Inc. (XLNX) said Thursday after the markets closed that its second quarter profit rose 21% from last year, helped by higher revenue and better cost control. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue....
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.