Oneok Partners plans private placement of 7 million common units

Company will also sell common units in public offering with greenshoe

By Marisa Wong

Madison, Wis., Feb. 27 - Oneok Partners, LP said it will sell 7 million of its common units to Oneok, Inc. in a private placement.

Oneok and a subsidiary, which is the sole general partner of Oneok Partners, currently own a 42.8% interest in Oneok Partners. Following the placement, the interest will be 43.3%.

Proceeds will be used to repay amounts outstanding under the company's $1.2 billion commercial paper program, to repay its $350 million 5.9% senior notes due April 2012, for capital expenditures and for other general partnership purposes.

Oneok Partners said it will also sell 7 million common units in a public offering. There will be a 30-day over-allotment option to purchase 1.05 million units.

When both deals are complete, Oneok Partners will have 217.8 million units outstanding, which includes 144.8 million common units and 73.0 million class B units.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.