Summary
On January 28, 2003, ONEOK, Inc. (OKE) announced the consummation of two concurrent underwritten offerings: one for 12,000,000 shares of common stock at $17.19 per share, and another for 14,000,000 equity units, each with a stated value of $25. These offerings were conducted under previously filed registration statements and prospectus supplements, indicating a strategic move to raise capital. The company has provided extensive documentation detailing the underwriting, purchase contracts, and legal opinions related to these transactions.
Key Highlights
- 1ONEOK, Inc. successfully completed concurrent underwritten offerings of common stock and equity units on January 28, 2003.
- 212,000,000 shares of common stock were offered at a price of $17.19 per share.
- 314,000,000 equity units, each with a $25 stated value, were also offered.
- 4These offerings were made pursuant to a Form S-3 registration statement and related prospectus supplements.
- 5The filing includes numerous exhibits detailing underwriting agreements, price determination, purchase contracts, and legal opinions.
- 6The transactions indicate a significant capital raise for the company.
Frequently Asked Questions
This 8-K filing was made to report the consummation of two concurrent underwritten offerings by ONEOK, Inc. on January 28, 2003: an offering of common stock and an offering of equity units.
The company offered 12,000,000 shares of common stock at $17.19 per share, raising approximately $206.28 million from the stock offering. They also offered 14,000,000 equity units at a stated value of $25 per unit, which would represent a potential raise of $350 million from the equity unit offering. The total gross proceeds would be approximately $556.28 million, excluding any underwriter discounts or commissions.
The filing describes 'equity units' with a stated value of $25 each. While the exact structure isn't fully detailed in the 8-K text itself, the referenced exhibits (like Purchase Contract Agreements and Pledge Agreements) suggest these units likely represent a complex financial instrument involving a combination of debt and equity components, possibly linked to forward purchase contracts for common stock.
The exhibits include Underwriting Agreements and Price Determination Agreements for both the common stock and equity unit offerings. Additionally, there are Purchase Contract Agreements, Pledge Agreements, Remarketing Agreements, and Indentures related to the equity units, as well as legal opinions on the validity and tax matters of the securities.