ONEOK Partners (OKS) Prices 8 Million Unit Offering at $59.27/Unit
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ONEOK Partners, L.P. (NYSE: OKS) today announced that it priced a public offering of 8.0 million common units at $59.27 per unit. The public offering represents an increase of 1 million common units compared with the 7.0 million common units announced on Feb. 27, 2012.
The partnership also has agreed to sell 8.0 million common units to ONEOK, Inc., the owner of its sole general partner, in a private placement, generating proceeds of approximately $459.8 million. The private placement also represents an increase of 1 million common units compared with the 7.0 million common units announced on Feb. 27, 2012. Additionally, ONEOK will contribute $19.4 million to maintain its 2-percent general partner interest.
ONEOK Partners also granted the underwriters a 30-day option to purchase up to an additional 1.2 million common units to cover any over-allotments.
ONEOK Partners expects to use the net proceeds from the common unit 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.
The partnership also has agreed to sell 8.0 million common units to ONEOK, Inc., the owner of its sole general partner, in a private placement, generating proceeds of approximately $459.8 million. The private placement also represents an increase of 1 million common units compared with the 7.0 million common units announced on Feb. 27, 2012. Additionally, ONEOK will contribute $19.4 million to maintain its 2-percent general partner interest.
ONEOK Partners also granted the underwriters a 30-day option to purchase up to an additional 1.2 million common units to cover any over-allotments.
ONEOK Partners expects to use the net proceeds from the common unit 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.
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