AI English summary of an SEC filing — figures as filed
ONEOK OKEThe company completed its underwritten public offering on September 24, 2024 and issued six series of notes, including $1.25 billion of 4.250% notes due 2027, $600 million of 4.400% notes due 2029, and $1.25 billion of 4.750% notes due 2031.
Key points
AI summaryThe company completed its underwritten public offering on September 24, 2024 and issued six series of notes, including $1.25 billion of 4.250% notes due 2027, $600 million of 4.400% notes due 2029, and $1.25 billion of 4.750% notes due 2031.
The company also issued $1.60 billion of 5.050% notes due 2034, $1.50 billion of 5.700% notes due 2054, and $800 million of 5.850% notes due 2064 together with them, and said the notes are guaranteed by ONEOK Partners, ONEOK Partners Intermediate and Magellan Midstream Partners.
The company said it plans to use about $6.9 billion in net proceeds from the offering to fund the purchase price for Global Infrastructure Partners' affiliates' acquisition of GIP's entire interests in EnLink Midstream, LLC and Medallion Midstream, LLC, and to pay related expenses. It said the remaining proceeds may be used for general corporate purposes, including repaying existing notes through repurchase or redemption.
The company voluntarily terminated the $6.0 billion term loan commitments from JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA. Notes due 2027, 2029 and 2031 carry a special mandatory redemption requirement, under which they are redeemed at 101% of principal plus accrued and unpaid interest if the EnLink Transaction is not completed by the specified deadline, among other cases.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
ONEOK Completes Six Tranches of Senior Notes Offering
The company completed its underwritten public offering on September 24, 2024 and issued six series of notes, including $1.25 billion of 4.250% notes due 2027, $600 million of 4.400% notes due 2029, and $1.25 billion of 4.750% notes due 2031.
Source · Based on the filing body and exhibits
Long-Term Notes and Guarantee Structure
The company also issued $1.60 billion of 5.050% notes due 2034, $1.50 billion of 5.700% notes due 2054, and $800 million of 5.850% notes due 2064 together with them, and said the notes are guaranteed by ONEOK Partners, ONEOK Partners Intermediate and Magellan Midstream Partners.
Source · Based on the filing body and exhibits
Use Plan for About $6.9 billion in Net Proceeds
The company said it plans to use about $6.9 billion in net proceeds from the offering to fund the purchase price for Global Infrastructure Partners' affiliates' acquisition of GIP's entire interests in EnLink Midstream, LLC and Medallion Midstream, LLC, and to pay related expenses. It said the remaining proceeds may be used for general corporate purposes, including repaying existing notes through repurchase or redemption.
Source · Based on the filing body and exhibits
Term Loan Commitment Termination and Special Mandatory Redemption
The company voluntarily terminated the $6.0 billion term loan commitments from JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA. Notes due 2027, 2029 and 2031 carry a special mandatory redemption requirement, under which they are redeemed at 101% of principal plus accrued and unpaid interest if the EnLink Transaction is not completed by the specified deadline, among other cases.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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