New Issue: Oneok prices $1.25 billion guaranteed senior notes in two tranches

By Cristal Cody

Tupelo, Miss., June 19 – Oneok Inc. sold $1.25 billion of guaranteed fixed-rate senior notes (Baa3/BBB) in two tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.

The company priced $800 million of 4.55% 10-year notes at 99.727 to yield 4.584%, or Treasuries plus 170 basis points. The notes were talked to print in the Treasuries plus 180 bps area.

The $450 million tranche of 5.2% 30-year notes priced at 99.546 to yield 5.23%, or a Treasuries plus 220 bps spread. Price guidance on the 30-year notes was in the Treasuries plus 225 bps area.

Citigroup Global Markets Inc., BofA Merrill Lynch, Mizuho Securities USA Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG and TD Securities (USA) LLC were the lead managers.

The notes are guaranteed by Oneok Partners LP and Oneok Partners Intermediate LP.

Proceeds will be used for general corporate purposes, including debt repayment and capital expenditures.

Oneok is a midstream service provider and natural gas company based in Tulsa, Okla.

Issuer:	Oneok Inc.
Guarantors:	Oneok Partners LP and Oneok Partners Intermediate LP
Amount:	$1.25 billion
Description:	Senior notes
Bookrunners:	Citigroup Global Markets Inc., BofA Merrill Lynch, Mizuho Securities USA Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG and TD Securities (USA) LLC
Co-managers:	PNC Capital Markets LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., BB&T Capital Markets, BOK Financial Securities, Inc., Regions Securities LLC, SMBC Nikko Securities America, Inc., Williams Capital Group, LP and Tuohy Brothers Investment Research, Inc.
Trade date:	June 19
Settlement date:	July 2
Ratings:	Moody’s: Baa3
	S&P: BBB
Distribution:	SEC registered
10-year notes
Amount:	$800 million
Maturity:	July 15, 2028
Coupon:	4.55%
Price:	99.727
Yield:	4.584%
Spread:	Treasuries plus 170 bps
Call features:	Make-whole call at Treasuries plus 30 bps; on or after April 15, 2028 at par
Price guidance:	Treasuries plus 180 bps area
30-year notes
Amount:	$450 million
Maturity:	July 15, 2048
Coupon:	5.2%
Price:	99.546
Yield:	5.23%
Spread:	Treasuries plus 220 bps
Call features:	Make-whole call at Treasuries plus 30 bps; on or after Jan. 15, 2048 at par
Price guidance:	Treasuries plus 220 bps area

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