Published on 8/12/2019 in the Prospect News Investment Grade Daily.
New Issue: Oneok prices $2 billion of guaranteed fixed-rate senior notes in three tranches
By Cristal Cody
Tupelo, Miss., Aug. 12 – Oneok Inc. priced $2 billion of guaranteed senior notes (Baa3/BBB) in three tranches on Monday, according to a news release.
A $500 million tranche of five-year notes priced with a 2.75% coupon.
The company sold $750 million of 3.4% 10-year notes.
Oneok priced $750 million of 4.45% 30-year notes.
J.P. Morgan Securities, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.
The bonds are guaranteed by Oneok Partners LP and Oneok Partners Intermediate LP.
Proceeds will be used to redeem in full the company’s $300 million of 3.8% senior notes due 2020 and for general corporate purposes.
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
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| Amount: | $2 billion
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| Description: | Senior notes
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| Bookrunners: | J.P. Morgan Securities, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | BOK Financial Securities, Inc., RBC Capital Markets, LLC, Siebert Cisneros Shank & Co., LLC, Tuohy Brothers Investment Research, Inc. and Williams Capital Group, LP
|
| Trade date: | Aug. 12
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| Settlement date: | Aug. 15
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| Ratings: | Moody’s: Baa3
|
| S&P: BBB
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| Distribution: | SEC registered
|
|
|
| Five-year notes
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| Amount: | $500 million
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| Maturity: | 2024
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| Coupon: | 2.75%
|
|
|
| 10-year notes
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| Amount: | $750 million
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| Maturity: | 2029
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| Coupon: | 3.4%
|
|
|
| 30-year notes
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| Amount: | $750 million
|
| Maturity: | 2049
|
| Coupon: | 4.45%
|
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