S&P rates Oneok notes BBB

S&P said it assigned Oneok Inc.’s proposed senior unsecured notes a BBB rating.

The notes will be guaranteed, jointly and severally, on an unsecured basis by Oneok Partners LP and Oneok Partners Intermediate LP, a wholly-owned subsidiary of Oneok Partners.

The company intends to use the proceeds to repay a portion of the outstanding amounts under its $1.25 billion term loan due November 2021 (not rated) and for general corporate purposes, which may include the repayment of other debt and funding of growth capital spending.

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