Summary
ONEOK, Inc. (OKE) announced on September 14, 2005, the execution of a Third Amendment to its existing $1.0 billion five-year credit agreement. This amendment, effective September 13, 2005, was entered into with Bank of America, N.A., acting as Administrative Agent, Lender, and L/C Issuer, along with other Lenders. The primary impact of this amendment for investors is the increase in ONEOK's total borrowing capacity by $200 million, raising the aggregate commitments under the credit agreement from $1.0 billion to $1.2 billion. This expansion of available credit provides the company with greater financial flexibility to support its operations and potential future growth initiatives.
Key Highlights
- 1ONEOK, Inc. entered into a Third Amendment to its $1.0 billion five-year credit agreement.
- 2The amendment was effective as of September 13, 2005.
- 3The primary counterparty to the agreement is Bank of America, N.A., serving as Administrative Agent, Lender, and L/C Issuer.
- 4The amendment increases the aggregate commitments and borrowing capacity by $200 million.
- 5ONEOK's total borrowing capacity under the credit agreement has been raised from $1.0 billion to $1.2 billion.