ONEOK, Inc. (NYSE: OKE) has launched cash tender offers to purchase up to $2 billion in aggregate principal amount of outstanding debt securities across 20 series of senior notes, according to a press release dated Aug. 30, 2026.

The tender offers are part of a previously announced plan to repurchase or repay $5 billion of ONEOK's senior debt. The company reserves the right to increase the $2 billion aggregate maximum tender amount at any time.

The 20 note series included in the offers carry maturities ranging from 2029 to 2064, with interest rates between 3.10% and 5.85%. Early tender premiums are set at $50 per $1,000 principal amount across all series. Holders who tender by the early deadline of Sept. 14, 2026, at 5:00 p.m. New York time will receive a higher consideration than those who tender after that date. The final expiration is set for Sept. 29, 2026.

Early settlement is expected on Sept. 17, 2026, with final settlement expected on Oct. 1, 2026.

The tender offers are conditioned on the completion of a minority equity investment in ONEOK by Apollo Global Management, Inc., as well as a related series of reorganization transactions. These include a planned merger of ONEOK with a newly formed entity, Falcon Merger Sub, L.L.C., a wholly owned subsidiary of Falcon TopCo, Inc. Upon completion, Falcon Merger Sub would be renamed ONEOK, L.L.C., and Falcon TopCo would be renamed ONEOK, Inc.

Following the tender offer launch, ONEOK also stated it intends, but is not obligated, to issue a redemption notice for all of its 5.550% Senior Notes due 2026 and a portion of its 4.250% Senior Notes due 2027, up to approximately $250 million in aggregate.

Barclays Capital Inc. is serving as dealer manager for the offers, and D.F. King & Co., Inc. has been retained as information and tender agent.