Summary
ONEOK, Inc. (OKE) filed an 8-K on September 25, 2002, reporting the renewal of its $850 million, 364-day credit agreement. This agreement, with a syndicate of 13 banks led by Bank of America N.A., is set to expire on September 22, 2003. The renewal signifies continued access to a significant revolving credit facility, which is crucial for maintaining operational liquidity and financial flexibility. This announcement is particularly relevant for investors as it underscores the company's ability to secure and maintain substantial credit lines, indicating a level of confidence from its banking partners. The short-term nature of the agreement (364 days) suggests a focus on immediate liquidity needs and potentially a strategy to revisit credit terms more frequently in the then-current economic environment.
Key Highlights
- 1ONEOK renewed its $850 million, 364-day credit agreement.
- 2The credit facility is provided by a syndicate of 13 banks.
- 3Bank of America N.A. leads the syndicate as Administrative Agent, Lender, and L/C Issuer.
- 4The agreement expires on September 22, 2003.
- 5This renewal ensures continued access to significant liquidity for operational needs.
- 6The filing includes the 364-Day Credit Agreement as an exhibit.
- 7A press release dated September 23, 2002, related to this event is also filed.