TULSA, Okla., March 11 /PRNewswire-FirstCall/ -- ONEOK, Inc. (NYSE: OKE)
today announced that it has purchased 5.4 million common units for a total
purchase price of $303.2 million in a private placement from ONEOK Partners,
L.P. (NYSE: OKS), of which it is general partner.
Additionally, ONEOK contributed $9.4 million to maintain its 2 percent
general partner interest. The company used cash on hand and short-term
borrowings to fund the purchase and contribution.
This purchase increases ONEOK's ownership interest in ONEOK Partners to
47.8 percent from 45.7 percent.
The partnership also priced a public offering of 2.5 million common units
at $58.10 per unit.
ONEOK Partners expects to use the net proceeds to repay the debt
outstanding under its $1 billion revolving credit facility, for capital
expenditures and for general partnership purposes.
UBS Investment Bank, Citi and Wachovia Securities are acting as joint
book-running managers, and RBC Capital Markets and Sanders Morris Harris are
acting as co-managers. A copy of the prospectus and prospectus supplement may
be obtained from the underwriters as follows:
UBS Investment Bank
Attention: Prospectus Department
299 Park Avenue
New York, NY 10171
Toll free: 888-827-7275
Citi
Brooklyn Army Terminal
140 58th Street, 8th Floor
Brooklyn, NY 11220
718-765-6732
Wachovia Securities
Equity Syndicate Department
375 Park Avenue
New York, NY 10152
Email: [email protected]
ONEOK, Inc. (NYSE: OKE) is a diversified energy company. We are the
general partner and own 45.7 percent of ONEOK Partners, L.P. (NYSE: OKS), one
of the largest publicly traded limited partnerships, which is a leader in the
gathering, processing, storage and transportation of natural gas in the U.S.
and owns one of the nation's premier natural gas liquids (NGL) systems,
connecting much of the natural gas and NGL supply in the Mid-Continent with
key market centers. ONEOK is among the largest natural gas distributors in
the United States, serving more than 2 million customers in Oklahoma, Kansas
and Texas. Our energy services operation focuses primarily on marketing
natural gas and related services throughout the U.S. ONEOK is a Fortune 500
company.
Some of the statements contained and incorporated in this news release are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. The forward-looking statements relate to our
anticipated financial performance, management's plans and objectives for our
future operations, our business prospects, the outcome of regulatory and legal
proceedings, market conditions and other matters. The Private Securities
Litigation Reform Act of 1995 provides a safe harbor for forward-looking
statements in certain circumstances. The following discussion is intended to
identify important factors that could cause future outcomes to differ
materially from those set forth in the forward-looking statements.
Forward-looking statements include the items identified in the preceding
paragraph, the information concerning possible or assumed future results of
our operations and other statements contained or incorporated in this news
release identified by words such as "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "should," "goal," "forecast" and
other words and terms of similar meaning. You should not place undue reliance
on forward-looking statements. Known and unknown risks, uncertainties and
other factors may cause our actual results, performance or achievements to be
materially different from any future results, performance or achievements
expressed or implied by forward-looking statements. Those factors may affect
our operations, markets, products, services and prices. These and other risks
are described in greater detail in Item 1A, Risk Factors, in our Annual Report
on Form 10-K. All forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by these
factors. Other than as required under securities laws, we undertake no
obligation to update publicly any forward-looking statement whether as a
result of new information, subsequent events or change in circumstances,
expectations or otherwise. OKE-FI
Analyst Contact: Christy Williamson
918-588-7163
Media Contact: Megan Washbourne
918-588-7572
SOURCE ONEOK, Inc.
-0- 03/11/2008
/CONTACT: analysts, Christy Williamson, +1-918-588-7163, or media, Megan
Washbourne, +1-918-588-7572, both of ONEOK, Inc./
/Web site: http://www.oneok.com /
(OKE OKS)
CO: ONEOK, Inc.; ONEOK Partners, L.P.
ST: Oklahoma
IN: FIN OIL
SU: OFR
RA-DA
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6046 03/11/2008 10:08 EDT http://www.prnewswire.com