Proceeds repay debt under the partnership’s commercial paper program
By Devika Patel
Knoxville, Tenn., Aug. 12 – Oneok Partners LP said it will raise about $749 million in a private placement of common units.
The company will sell about 24.8 million common units at $30.17 per unit. The price per unit is a 5.66% discount to the Aug. 11 closing share price of $31.98.
Oneok, Inc. will buy about 21.5 million units for about $650 million, and funds managed by Kayne Anderson Capital Advisors, LP will buy about 3.3 million units for about $99 million.
Settlement is expected Feb. 5.
Proceeds will be used to repay debt under the partnership’s commercial paper program and for general partnership purposes.
Oneok Partners is a natural gas distributor based in Tulsa, Okla.
| Issuer: | Oneok Partners LP
|
| Issue: | Common units
|
| Amount: | $749 million (approximate)
|
| Units: | 24.8 million (approximate)
|
| Price: | $30.17
|
| Warrants: | No
|
| Investor: | Oneok, Inc. (for about $650 million), Kayne Anderson Capital Advisors, LP (for about $99 million)
|
| Pricing date: | Aug. 12
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| Settlement date: | Feb. 5
|
| Stock symbol: | NYSE: OKS
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| Stock price: | $31.98 at close Aug. 11
|
| Market capitalization: | $8.59 billion
|
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