8-KRegulation FDExhibits & Filings

ONEOK INC /NEW/ 8-K Report, Regulation FD Disclosure (Aug 14, 2023)

Filed August 14, 2023For Securities:OKE

Summary

ONEOK Inc. (OKE) announced on August 10, 2023, that it has successfully priced a senior notes offering totaling $5.25 billion. The net proceeds, expected to be around $5.20 billion after expenses, are earmarked to finance the cash portion of its merger with Magellan Midstream Partners, L.P. (MMP) and associated transaction costs. This offering is a significant step towards completing the acquisition of Magellan, a key strategic move for ONEOK. Investors should note that this filing is primarily an announcement of a financing event related to the Magellan merger. The company has also made its latest investor materials available on its website. The primary focus of this 8-K is the funding mechanism for the acquisition, underscoring the financial commitment and execution of ONEOK's growth strategy.

Key Highlights

  • 1ONEOK priced a $5.25 billion senior notes offering on August 10, 2023.
  • 2Net proceeds from the offering are estimated at $5.20 billion.
  • 3The proceeds are intended to fund the cash component of the Magellan Midstream Partners, L.P. merger.
  • 4Other merger-related costs will also be covered by the proceeds.
  • 5This financing is crucial for the completion of the Magellan acquisition.
  • 6The news release detailing this offering is furnished as Exhibit 99.1.

Frequently Asked Questions

The primary purpose of the senior notes offering is to raise capital to fund the cash consideration required for ONEOK's merger with Magellan Midstream Partners, L.P., as well as to cover other related merger expenses.

The pricing of the senior notes offering was announced on August 10, 2023.

The expected net proceeds from the offering, after deducting underwriting discounts, commissions, and offering expenses, are approximately $5.20 billion.

The news release detailing the offering is furnished as Exhibit 99.1 to this 8-K filing. Additionally, ONEOK's latest investor materials are available on their official website at www.oneok.com.