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Published on 1/28/2014 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Oneok marks early tenders for 62.39% of 4.25% notes, 28.4% of 6% notes

By Jennifer Chiou

New York, Jan. 28 - Oneok, Inc. announced the early results and pricing terms for the oversubscribed cash tender offer for its $700 million of 4.25% notes due 2022 and its $400 million of 6% notes due 2035.

As announced, the maximum payment amount will be $150 million, excluding accrued interest. The notes are listed in order of priority acceptance level.

According to a press release, holders tendered $436.8 million, or 62.39% of the 4.25% notes and $113.6 million, or 28.4%, of the 6% notes.

Pricing was set on Jan. 27 using the bid-side price of the 2.75% Treasury note due Nov. 15, 2023 plus 175 basis points for the 4.25% notes and 3.625% Treasury note due Aug. 15, 2043 plus 223 bps for the 6% notes.

The total payment for each $1,000 principal amount is $983.07 for the 4.25% notes and $1,011.47 for the 6% notes.

The total purchase price includes a $30.00 early tender payment per $1,000 principal amount of notes tendered by 5 p.m. ET on Jan. 27, the early tender deadline.

Those who tender after the early tender date will receive the total amount less the early payment.

Holders also will receive accrued interest to but excluding the payment date.

The tender offer will end at 12:01 a.m. ET on Feb. 11. It began on Jan. 14.

Tendered notes may be withdrawn by the early tender deadline.

For questions, call Morgan Stanley & Co. LLC at 800 624-1808 or 212 761-1057 collect or J.P. Morgan Securities LLC at 866 834-4666 or 212 834-4811 collect. The tender agent is D.F. King & Co., Inc. (212 269-5550 or email oneok@dfking.com).

Oneok is a Tulsa, Okla.-based diversified energy company.


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