8-KMaterial AgreementsExhibits & Filings

ONEOK INC /NEW/ 8-K Report, Material Agreement (Feb 3, 2016)

Filed February 3, 2016For Securities:OKE

Summary

ONEOK Inc. (OKE) and its subsidiary ONEOK Partners, L.P. have successfully extended their respective revolving credit facilities. This proactive measure provides greater financial flexibility and stability, which is crucial in the current economic environment. The extensions ensure continued access to capital, supporting ongoing operations and potential future growth initiatives for both entities. For ONEOK Inc., its $300 million credit agreement has been extended by one year, now maturing in January 2020. Similarly, ONEOK Partners, L.P.'s significantly larger $2.4 billion credit facility has also been pushed out by one year to the same maturity date. These extensions indicate strong relationships with key lenders and a positive outlook on the companies' creditworthiness.

Key Highlights

  • 1ONEOK, Inc. extended its $300 million revolving credit agreement by one year, now expiring January 31, 2020.
  • 2ONEOK Partners, L.P. extended its $2.4 billion revolving credit agreement by one year, also expiring January 31, 2020.
  • 3These extensions were effective as of January 29, 2016.
  • 4All other terms and conditions of the original credit agreements remain unchanged.
  • 5This action enhances the liquidity and financial flexibility of both ONEOK, Inc. and ONEOK Partners, L.P.
  • 6The filing demonstrates proactive debt management and strong banking relationships.

Frequently Asked Questions

The main purpose of this filing is to report the extension of the maturity dates for the revolving credit agreements of both ONEOK, Inc. and its subsidiary ONEOK Partners, L.P. This ensures continued access to their credit facilities for an extended period.

The extension provides enhanced financial flexibility and stability by securing access to a significant amount of capital for an additional year. This allows the companies to continue their operations, fund capital expenditures, and pursue strategic opportunities without immediate concerns about debt refinancing.

No, the filing explicitly states that all other terms and conditions of the original amended and restated revolving credit agreements remain in full force and effect. Only the expiration dates have been extended.

The total amount of credit extended across both agreements is $300 million for ONEOK, Inc. and $2.4 billion for ONEOK Partners, L.P., totaling $2.7 billion.