ONEOK’s $1.25 Billion Senior Notes Offering

Fried Frank advised ONEOK in its public offering of US$800 million aggregate principal amount of senior notes due 2028 and US$450 million aggregate principal amount of senior notes due 2048.

ONEOK, Inc. (NYSE: OKE) has priced an offering to sell $1.25 billion of senior notes, consisting of $800 million of 10-year senior notes at a coupon of 4.55 percent and $450 million of 30-year senior notes at a coupon of 5.20 percent.

The net proceeds from the offering, after deducting underwriting discounts and commissions, are expected to be $1.24 billion. ONEOK expects to use the net proceeds for general corporate purposes, which may include repayment of existing indebtedness and funding of capital expenditures. ONEOK expects the notes offering to close on or about July 2, 2018, subject to the satisfaction of customary closing conditions.

Citigroup, BofA Merrill Lynch, Mizuho Securities, Wells Fargo Securities, Deutsche Bank Securities, Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, MUFG and TD Securities are acting as joint book-running managers for the offering. PNC Capital Markets LLC, RBC Capital Markets, Scotiabank, US Bancorp, BB&T Capital Markets, BOK Financial Securities, Inc., Regions Securities LLC, SMBC Nikko, The Williams Capital Group, L.P. and Tuohy Brothers are the co-managers for the offering.

ONEOK, Inc. (NYSE: OKE) is a leading midstream service provider and owner of one of the nation’s premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent, Permian and Rocky Mountain regions with key market centers and an extensive network of natural gas gathering, processing, storage and transportation assets.

The Fried Frank team was led by corporate partner Stuart H. Gelfond (Picture) and included corporate partner Joshua Thomas Coleman, tax partner Joseph E. Fox, corporate associates John Lawrence and Daniel S. Samovici, and tax associate Geoffrey K. Stauffer.

 

Involved fees earner: Stuart Gelfond – Fried Frank Harris Shriver & Jacobson; Joshua Thomas Coleman – Fried Frank Harris Shriver & Jacobson; John Lawrence – Fried Frank Harris Shriver & Jacobson; Daniel Samovici – Fried Frank Harris Shriver & Jacobson; Joseph Fox – Fried Frank Harris Shriver & Jacobson; Geoffrey Stauffer – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: ONEOK Inc.;