Oneok gets $1.5 billion three-year term loan at Libor plus 112.5 bps

By Sarah Lizee

Olympia, Wash., Nov. 19 – Oneok, Inc. entered into a $1.5 billion three-year unsecured term loan agreement, according to a press release.

The company said the term loan was upsized from $1.25 billion as a result of strong demand.

The facility will be used for general corporate purposes, which may include repayment of existing debt and funding of capital expenditures.

Borrowings currently bear interest at Libor plus 112.5 basis points, based on ratings.

There is a delayed-draw feature that allows Oneok to draw on it for up to 180 days from Nov. 19.

The loan is prepayable in whole or in part at any time without penalty and includes two one-year extension options, subject to lender approval.

The term loan contains substantially the same covenants as those contained in the company’s existing revolving credit facility.

Mizuho Bank, Ltd. is the administrative agent.

Oneok is a natural gas distributor based in Tulsa, Okla.

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