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

Quick Facts

Editors Pick
Republican Rep. Cory Gardner, R-Col., has expanded his lead over incumbent Sen. Mark Udall, D-Col., in the closely watched Colorado Senate race, according to the results of a Quinnipiac University poll released on Thursday. Stocks have fluctuated over the course of the trading day on Thursday, as traders continue to digest yesterday's monetary policy announcement from the Federal Reserve as well as better than expected third quarter GDP data. Hundreds of protesters stormed Burkina Faso's parliament on Thursday and set fire to the building, preventing the lawmakers from considering a bill to extend the president's 27-year rule. Security forces opened fire on protesters, as they looted computers and televisions in the National Assembly, news agencies reported. The angry crowd then marched towards the President's office, before they were
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.