Published on 11/15/2022 in the Prospect News Investment Grade Daily.
New Issue: Oneok sells $750 million 6.1% 10-year notes at 99.919
Chicago, Nov. 15 – Oneok Inc. priced $750 million of 6.1% notes due 2032 (Baa3/BBB/BBB) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
ONEOK Partners, LP and ONEOK Partners Intermediate LP are guaranteeing the notes.
The notes priced at 99.919 to yield 6.111%, or at Treasuries plus 230 basis points.
The issuer may optionally call the notes with a Treasuries plus 35 bps make-whole premium until Aug. 15, 2032. After that date the notes are callable at par.
Barclays, Mizuho Securities USA LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC are the joint bookrunners for the offering. BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Truist Securities, Inc. were also listed as bookrunners.
Proceeds will be used to repay outstanding debt from the company’s commercial paper program, which has a weighted average annual interest rate of 4.42% as of Nov. 14.
The natural gas company is based in Tulsa, Okla.
| Issuer: | Oneok Inc.
|
| Guarantor: | ONEOK Partners, LP and ONEOK Partners Intermediate LP
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| Amount: | $750 million
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| Issue: | Notes
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| Maturity: | Nov. 15, 2032
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| Bookrunners: | Barclays, Mizuho Securities USA LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Truist Securities, Inc.
|
| Co-managers: | BOK Financial Securities, Inc., Academy Securities, Inc. and R. Seelaus & Co., LLC
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Gable & Gotwals, PC and Latham & Watkins LLP
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| Counsel to underwriters: | Shearman & Sterling LLP
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| Coupon: | 6.1%
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| Price: | 99.919
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| Yield: | 6.111%
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| Spread: | Treasuries plus 230 bps
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| Call features: | Make-whole call at Treasuries plus 35 bps until Aug. 15, 2032; thereafter at par
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| Trade date: | Nov. 15
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| Settlement date: | Nov. 18
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| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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| Cusip: | 682680BG7
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