Oneok expands revolving commitments to $2.4 billion, adds lenders

By Susanna Moon

Chicago, March 10 – Oneok Partners, LP said it has expanded its lender group and increased the commitments under its revolving credit facility to $2.4 billion from $1.7 billion.

The partnership’s lenders, a syndicate of 20 banks, led by Citibank, Bank of America, Barclays, JPMorgan Chase, Morgan Stanley, Royal Bank of Scotland, UBS and Wells Fargo Bank approved the increase, effective March 10, according to a company press release.

The upsizing results in “increased liquidity and financial flexibility, which further enhances the partnership’s already strong balance sheet,” Derek S. Reiners, Oneok Partners senior vice president, chief financial officer and treasurer, said in the press release.

“This increase to our existing facility will be used to support the partnership's approximately $1.2 billion of capital expenditures in 2015, as well as our commercial paper program, working capital requirements and other general partnership purposes.”

The credit facility, which was originally entered into in January 2014, expires in January 2019.

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

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