Oneok to sell units in private placement

By Devika Patel

Knoxville, Tenn., March 10 - Oneok Partners, LP said it has arranged a private placement of units. It also will sell 2.5 million units in a public offering.

In the private placement, the company will sell 5.4 million units to Oneok, Inc., parent to a subsidiary that is the general partner of Oneok Partners.

Proceeds from both offerings will be used to repay the company's $1 billion revolving credit facility, for capital expenditures and general partnership purposes.

Tulsa, Okla.-based Oneok owns natural gas assets and natural gas liquid systems.

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