ONEOK, Inc. (OKE: Quote) announced the completion of its $150 million accelerated share repurchase agreement with Goldman, Sachs & Co. that was announced June 12, 2012.
The company stated that under the terms of the accelerated repurchase agreement, Goldman Sachs delivered about 2.9 million shares to ONEOK on June 12, 2012, and approximately an additional 545,000 shares Sept. 17, 2012, to complete the accelerated share repurchase agreement.
The accelerated share repurchase was funded by the company's available cash and short-term borrowings.
The accelerated share repurchase was completed under the company's previously approved three-year stock repurchase program in which the company's board of directors authorized the company to buy up to $750 million of the company's issued and outstanding common stock.
ONEOK said that the program will terminate upon completion of the repurchase of $750 million of common stock or Dec. 31, 2013, whichever occurs first.
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by RTT Staff Writer
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