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.
Frequently Asked Questions
The main purpose of this 8-K filing is to report that ONEOK, Inc. has entered into a material definitive agreement, specifically a Third Amendment to its existing credit agreement.
The amendment increases ONEOK's total borrowing capacity by $200 million, from $1.0 billion to $1.2 billion. This provides the company with enhanced financial flexibility for operational needs and potential investments.
The key parties involved are ONEOK, Inc., and Bank of America, N.A., which acts as the Administrative Agent, a Lender, and an L/C Issuer, along with other Lenders participating in the credit facility.