What is the main purpose of this 8-K filing?

The main purpose of this filing is to announce that ONEOK, Inc. has entered into a 90-day extension of its $850 million revolving credit facility. This extension provides the company with continued financial flexibility.

What is the new expiration date of the credit facility?

The credit facility, which was to expire on June 27, 2002, has been extended to September 30, 2002, or earlier under certain conditions such as the company purchasing shares from Westar Energy or entering into a new credit agreement.

Why is the company extending its credit facility?

The extension is primarily to provide ONEOK with the financial flexibility needed to consider its options regarding Westar Energy's stated intention to sell its significant equity stake in ONEOK, as outlined in a shareholder agreement.

Does this extension allow ONEOK to buy back its own stock from Westar Energy?

The credit facility, as extended, allows for flexibility in considering the purchase of shares from Westar Energy. However, the facility explicitly states that loan proceeds cannot be used to repurchase the company's capital stock. The purchase of shares from Westar Energy would likely involve separate financing or corporate decisions outside of this specific credit line's repurchase prohibition.

OKE 8-K SEC Disclosure — Jun 24, 2002

Summary

This 8-K filing from ONEOK Inc. on June 24, 2002, primarily details a 90-day extension to its $850 million revolving credit facility, originally set to expire on June 27, 2002. The facility is now extended to September 30, 2002, or earlier if the company purchases shares from Westar Energy Inc. (formerly Western Resources) or enters into a new credit agreement. This extension provides ONEOK with crucial flexibility as it evaluates its options concerning Westar Energy's notice to sell its significant equity stake in ONEOK.

Key Highlights

1ONEOK Inc. secured a 90-day extension on its $850 million revolving credit facility.
2The credit facility's new expiration date is September 30, 2002, unless specific conditions are met earlier.
3The extension provides liquidity for general corporate purposes, including working capital and capital expenditures.
4The company is considering its options regarding Westar Energy's notice to sell its substantial shareholding in ONEOK.
5The credit facility extension allows ONEOK flexibility to manage potential share repurchases from Westar Energy.
6No loan proceeds from the extended facility can be used to repurchase the company's own stock.

ONEOK INC /NEW/ 8-K Report (Jun 24, 2002)

Summary

Key Highlights

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