Oneok talks $500 million eight-year bullet to yield in 7¾% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Aug. 18 – Oneok Inc. talked its $500 million offering of non-callable eight-year senior notes (Ba1/BB+) to yield in the 7¾% area, according to an informed source.

Books close at 3 p.m. ET on Tuesday, and the public offering is set to price thereafter.

Citigroup Global Markets Inc. is the bookrunner. Mizuho Bank is the co-manager.

The Tulsa, Okla.-based natural gas company plans to use the proceeds to fund the acquisition of limited partner units of Oneok Partners LP (OKS) under an Equity Support Agreement, which will then be used to repay commercial paper at OKS and fund capital expenditures at OKS.

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