Oneok looks to repay debt at maturity, has no plans to sell new paper

By Andrea Heisinger

New York, Feb. 22 - Oneok, Inc. and Oneok Partners, LP announced fourth-quarter and year-end 2010 earnings on Tuesday in a conference call and said there are no immediate plans to tap the debt market in 2011.

Oneok Partners carries a debt to capital ratio of 50% and had repaid all outstanding commercial paper, with $900 million cash at hand. The company is "well-positioned to repay $225 million in notes maturing in the next month and to fund capital spending in 2011," said Curtis L. Dinan, chief financial officer for both Oneok and Oneok Partners, in the conference call.

"We have no additional financial needs for the year but continue to monitor the capital markets," Dinan said.

Oneok had $127 million of short-term debt, which has all been repaid, said chief operating officer Terry K. Spencer.

There is $400 million of paper due in April that will be repaid with cash on hand and borrowings from a commercial paper program.

The diversified energy and natural gas company is based in Tulsa, Okla.

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