8-KOther Events

ONEOK INC /NEW/ 8-K Report (Sep 25, 2002)

Filed September 25, 2002For Securities:OKE

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.

Frequently Asked Questions

Renewing the credit agreement is significant because it ensures ONEOK has continued access to $850 million in liquidity. This is vital for meeting its short-term financial obligations, funding operations, and maintaining financial flexibility.

The credit agreement is with a syndicate of 13 banks, led by Bank of America N.A., which acts as the Administrative Agent, a Lender, and an L/C Issuer. Other notable banks include Bank One, NA, Wachovia Bank, National Association, and ABN AMRO Bank N.V., among others.

The renewed credit agreement is for a 364-day term and expires on September 22, 2003.

This specific 8-K filing focuses on the renewal of the credit agreement. It does not contain detailed financial statements or performance updates; those are typically provided in other SEC filings like the 10-Q or 10-K.