logo
Share SHARE
FONT-SIZE Plus   Neg

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

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Internet giant Google Inc. (GOOGL, GOOG) has launched a new online flight search tool that makes it easy to find out the best flight deal. The tool dubbed "Google Flights" provides a calendar that one can scroll through and see the lowest fare highlighted for each day. One can also use the lowest... Hyperloop Transportation Technologies, a start-up that has adopted Elon Musk's ambitious project of high-speed transportation system, plans to build a Hyperloop test track in California and completed as early as 2016. Hyperloop Test Technologies, a crowd-funded company, plans to take Musk's dream... Colors have set the social media afire after an otherwise innocuous photo of a bodycon dress kept users guessing as to what hues permeate it. Opinions are divided, with some seeing the dress as white and gold, and others as blue and black. The photo was posted on Tumblr by a user called Swiked.
comments powered by Disqus
RELATED NEWS
Trade OKS now with 
Follow RTT