[8-K] Oneok, Inc. Reports Material Event
On 6 Aug 2025, ONEOK, Inc. (NYSE: OKE) signed an Underwriting Agreement with a bank syndicate to issue an aggregate $3.0 billion of senior unsecured notes, fully guaranteed by affiliated entities.
- $750 million 4.950% notes due 2032
- $1.0 billion 5.400% notes due 2035
- $1.25 billion 6.250% notes due 2055
The offering is scheduled to close 12 Aug 2025. Net proceeds will (i) repay all outstanding commercial paper and (ii) retire senior notes maturing 15 Sep 2025, with any remainder applied to general corporate purposes, including additional debt repayment or redemption.
The agreement contains standard representations, warranties, indemnities and termination rights. A related press release announcing pricing is furnished under Item 7.01 (Exhibit 99.1). The underwriting contract is filed as Exhibit 1.1.
The transaction replaces near-term liabilities with long-tenor fixed-rate debt, bolstering liquidity and extending ONEOK’s maturity schedule without equity dilution.
Il 6 agosto 2025, ONEOK, Inc. (NYSE: OKE) ha firmato un Accordo di Sottoscrizione con un sindacato bancario per l'emissione complessiva di 3,0 miliardi di dollari in note senior non garantite, completamente garantite da entità affiliate.
- 750 milioni di dollari di obbligazioni al 4,950% con scadenza 2032
- 1,0 miliardo di dollari di obbligazioni al 5,400% con scadenza 2035
- 1,25 miliardi di dollari di obbligazioni al 6,250% con scadenza 2055
La sottoscrizione è prevista per il 12 agosto 2025. I proventi netti saranno utilizzati per (i) rimborsare tutti i commercial paper in circolazione e (ii) estinguere le note senior in scadenza il 15 settembre 2025, con l'eventuale residuo destinato a scopi aziendali generali, inclusi ulteriori rimborsi o riscatti di debito.
L'accordo include rappresentazioni, garanzie, indennità e diritti di risoluzione standard. Un comunicato stampa relativo all'annuncio dei prezzi è disponibile alla voce Item 7.01 (Allegato 99.1). Il contratto di sottoscrizione è depositato come Allegato 1.1.
Questa operazione sostituisce passività a breve termine con debito a tasso fisso a lungo termine, rafforzando la liquidità e prolungando il piano di scadenze di ONEOK senza diluire il capitale azionario.
El 6 de agosto de 2025, ONEOK, Inc. (NYSE: OKE) firmó un Acuerdo de Suscripción con un sindicato bancario para emitir un total de 3.000 millones de dólares en notas senior no garantizadas, totalmente garantizadas por entidades afiliadas.
- 750 millones de dólares en notas al 4,950% con vencimiento en 2032
- 1.000 millones de dólares en notas al 5,400% con vencimiento en 2035
- 1.250 millones de dólares en notas al 6,250% con vencimiento en 2055
La oferta está programada para cerrarse el 12 de agosto de 2025. Los ingresos netos se utilizarán para (i) pagar todo el papel comercial pendiente y (ii) retirar las notas senior que vencen el 15 de septiembre de 2025, destinando cualquier remanente a propósitos corporativos generales, incluyendo el pago o redención adicional de deuda.
El acuerdo contiene representaciones, garantías, indemnizaciones y derechos de terminación estándar. Un comunicado de prensa relacionado que anuncia los precios se encuentra bajo el Item 7.01 (Exhibición 99.1). El contrato de suscripción está archivado como Exhibición 1.1.
La transacción reemplaza pasivos a corto plazo con deuda a tasa fija a largo plazo, reforzando la liquidez y extendiendo el calendario de vencimientos de ONEOK sin dilución accionaria.
2025년 8월 6일, ONEOK, Inc. (NYSE: OKE)은 은행 신디케이트와 인수 계약을 체결하여 계열사가 전액 보증하는 총 30억 달러 규모의 선순위 무담보 채권을 발행하기로 했습니다.
- 2032년 만기 4.950% 채권 7억 5천만 달러
- 2035년 만기 5.400% 채권 10억 달러
- 2055년 만기 6.250% 채권 12억 5천만 달러
공모는 2025년 8월 12일 마감 예정입니다. 순수익은 (i) 모든 미결제 상업어음 상환 및 (ii) 2025년 9월 15일 만기 선순위 채권 상환에 사용되며, 잔액은 추가 부채 상환 또는 상환을 포함한 일반 기업 목적에 사용됩니다.
계약에는 표준적인 진술, 보증, 면책 조항 및 해지 권리가 포함되어 있습니다. 가격 발표 관련 보도자료는 Item 7.01(증빙자료 99.1)에 제공되며, 인수 계약서는 증빙자료 1.1로 제출되었습니다.
이번 거래는 단기 부채를 장기 고정 금리 부채로 대체하여 유동성을 강화하고 ONEOK의 만기 일정을 연장하며 지분 희석 없이 진행됩니다.
Le 6 août 2025, ONEOK, Inc. (NYSE : OKE) a signé un Contrat de Souscription avec un syndicat bancaire pour émettre un total de 3,0 milliards de dollars de billets seniors non garantis, entièrement garantis par des entités affiliées.
- 750 millions de dollars d'obligations à 4,950 % échéant en 2032
- 1,0 milliard de dollars d'obligations à 5,400 % échéant en 2035
- 1,25 milliard de dollars d'obligations à 6,250 % échéant en 2055
L'offre doit se clôturer le 12 août 2025. Le produit net servira à (i) rembourser tous les billets commerciaux en circulation et (ii) racheter les billets seniors arrivant à échéance le 15 septembre 2025, le solde éventuel étant affecté à des fins générales d'entreprise, y compris le remboursement ou le rachat supplémentaire de dette.
Le contrat comprend des déclarations, garanties, indemnités et droits de résiliation standards. Un communiqué de presse relatif à l'annonce des prix est disponible sous l'Item 7.01 (Exhibit 99.1). Le contrat de souscription est déposé en tant qu'Exhibit 1.1.
Cette transaction remplace des passifs à court terme par une dette à taux fixe à long terme, renforçant la liquidité et prolongeant le calendrier d'échéance de ONEOK sans dilution de capital.
Am 6. August 2025 unterzeichnete ONEOK, Inc. (NYSE: OKE) eine Zeichnungsvereinbarung mit einem Bankenkonsortium zur Ausgabe von insgesamt 3,0 Milliarden US-Dollar unbesicherter Senior Notes, die vollständig von verbundenen Unternehmen garantiert werden.
- 750 Millionen US-Dollar 4,950% Notes fällig 2032
- 1,0 Milliarde US-Dollar 5,400% Notes fällig 2035
- 1,25 Milliarden US-Dollar 6,250% Notes fällig 2055
Die Emission soll am 12. August 2025 abgeschlossen werden. Die Nettoerlöse werden verwendet, um (i) sämtliche ausstehenden Commercial Papers zurückzuzahlen und (ii) Senior Notes mit Fälligkeit am 15. September 2025 zu tilgen. Etwaige Restbeträge werden für allgemeine Unternehmenszwecke verwendet, einschließlich zusätzlicher Schuldenrückzahlung oder -einlösung.
Die Vereinbarung enthält standardmäßige Zusicherungen, Gewährleistungen, Entschädigungen und Kündigungsrechte. Eine zugehörige Pressemitteilung zur Preisbekanntgabe ist unter Punkt 7.01 (Anlage 99.1) verfügbar. Der Zeichnungsvertrag ist als Anlage 1.1 eingereicht.
Die Transaktion ersetzt kurzfristige Verbindlichkeiten durch langfristige Festzinsverbindlichkeiten, stärkt die Liquidität und verlängert den Fälligkeitsterminplan von ONEOK ohne Eigenkapitalverwässerung.
- $3.0 billion of long-term notes secures funding and removes near-term refinancing pressure.
- Proceeds designated to repay commercial paper and 2025 maturity notes, strengthening liquidity.
- Coupons of 4.95%-6.25% are higher than short-term rates, increasing future interest expense.
Insights
TL;DR – $3 B long-dated notes extend maturities, liquidity up; coupons 4.95-6.25% lift interest cost.
The multi-tranche issuance shifts short-term funding into 7-, 10- and 30-year buckets, materially reducing 2025 refinancing risk. Proceeds are earmarked for commercial-paper and September 2025 note repayment, directly improving the current liability profile. Fixed coupons of 4.95-6.25% lock in higher rates than CP but provide certainty. No covenants beyond standard investment-grade clauses were disclosed, preserving financial flexibility. Overall credit impact is modestly positive because maturity extension outweighs incremental interest expense.
TL;DR – Debt refi enhances visibility; leverage neutral, EPS impact limited.
Replacing short-term paper with senior notes should stabilize financing for midstream growth projects while avoiding equity issuance. Because proceeds are largely used for repayment, gross debt stays roughly level, keeping leverage metrics steady. Interest expense will rise versus commercial paper, but staggered maturities (2032-2055) lower refinancing cliffs and support dividend sustainability. From an equity viewpoint the filing is incrementally constructive but not transformative.
Il 6 agosto 2025, ONEOK, Inc. (NYSE: OKE) ha firmato un Accordo di Sottoscrizione con un sindacato bancario per l'emissione complessiva di 3,0 miliardi di dollari in note senior non garantite, completamente garantite da entità affiliate.
- 750 milioni di dollari di obbligazioni al 4,950% con scadenza 2032
- 1,0 miliardo di dollari di obbligazioni al 5,400% con scadenza 2035
- 1,25 miliardi di dollari di obbligazioni al 6,250% con scadenza 2055
La sottoscrizione è prevista per il 12 agosto 2025. I proventi netti saranno utilizzati per (i) rimborsare tutti i commercial paper in circolazione e (ii) estinguere le note senior in scadenza il 15 settembre 2025, con l'eventuale residuo destinato a scopi aziendali generali, inclusi ulteriori rimborsi o riscatti di debito.
L'accordo include rappresentazioni, garanzie, indennità e diritti di risoluzione standard. Un comunicato stampa relativo all'annuncio dei prezzi è disponibile alla voce Item 7.01 (Allegato 99.1). Il contratto di sottoscrizione è depositato come Allegato 1.1.
Questa operazione sostituisce passività a breve termine con debito a tasso fisso a lungo termine, rafforzando la liquidità e prolungando il piano di scadenze di ONEOK senza diluire il capitale azionario.
El 6 de agosto de 2025, ONEOK, Inc. (NYSE: OKE) firmó un Acuerdo de Suscripción con un sindicato bancario para emitir un total de 3.000 millones de dólares en notas senior no garantizadas, totalmente garantizadas por entidades afiliadas.
- 750 millones de dólares en notas al 4,950% con vencimiento en 2032
- 1.000 millones de dólares en notas al 5,400% con vencimiento en 2035
- 1.250 millones de dólares en notas al 6,250% con vencimiento en 2055
La oferta está programada para cerrarse el 12 de agosto de 2025. Los ingresos netos se utilizarán para (i) pagar todo el papel comercial pendiente y (ii) retirar las notas senior que vencen el 15 de septiembre de 2025, destinando cualquier remanente a propósitos corporativos generales, incluyendo el pago o redención adicional de deuda.
El acuerdo contiene representaciones, garantías, indemnizaciones y derechos de terminación estándar. Un comunicado de prensa relacionado que anuncia los precios se encuentra bajo el Item 7.01 (Exhibición 99.1). El contrato de suscripción está archivado como Exhibición 1.1.
La transacción reemplaza pasivos a corto plazo con deuda a tasa fija a largo plazo, reforzando la liquidez y extendiendo el calendario de vencimientos de ONEOK sin dilución accionaria.
2025년 8월 6일, ONEOK, Inc. (NYSE: OKE)은 은행 신디케이트와 인수 계약을 체결하여 계열사가 전액 보증하는 총 30억 달러 규모의 선순위 무담보 채권을 발행하기로 했습니다.
- 2032년 만기 4.950% 채권 7억 5천만 달러
- 2035년 만기 5.400% 채권 10억 달러
- 2055년 만기 6.250% 채권 12억 5천만 달러
공모는 2025년 8월 12일 마감 예정입니다. 순수익은 (i) 모든 미결제 상업어음 상환 및 (ii) 2025년 9월 15일 만기 선순위 채권 상환에 사용되며, 잔액은 추가 부채 상환 또는 상환을 포함한 일반 기업 목적에 사용됩니다.
계약에는 표준적인 진술, 보증, 면책 조항 및 해지 권리가 포함되어 있습니다. 가격 발표 관련 보도자료는 Item 7.01(증빙자료 99.1)에 제공되며, 인수 계약서는 증빙자료 1.1로 제출되었습니다.
이번 거래는 단기 부채를 장기 고정 금리 부채로 대체하여 유동성을 강화하고 ONEOK의 만기 일정을 연장하며 지분 희석 없이 진행됩니다.
Le 6 août 2025, ONEOK, Inc. (NYSE : OKE) a signé un Contrat de Souscription avec un syndicat bancaire pour émettre un total de 3,0 milliards de dollars de billets seniors non garantis, entièrement garantis par des entités affiliées.
- 750 millions de dollars d'obligations à 4,950 % échéant en 2032
- 1,0 milliard de dollars d'obligations à 5,400 % échéant en 2035
- 1,25 milliard de dollars d'obligations à 6,250 % échéant en 2055
L'offre doit se clôturer le 12 août 2025. Le produit net servira à (i) rembourser tous les billets commerciaux en circulation et (ii) racheter les billets seniors arrivant à échéance le 15 septembre 2025, le solde éventuel étant affecté à des fins générales d'entreprise, y compris le remboursement ou le rachat supplémentaire de dette.
Le contrat comprend des déclarations, garanties, indemnités et droits de résiliation standards. Un communiqué de presse relatif à l'annonce des prix est disponible sous l'Item 7.01 (Exhibit 99.1). Le contrat de souscription est déposé en tant qu'Exhibit 1.1.
Cette transaction remplace des passifs à court terme par une dette à taux fixe à long terme, renforçant la liquidité et prolongeant le calendrier d'échéance de ONEOK sans dilution de capital.
Am 6. August 2025 unterzeichnete ONEOK, Inc. (NYSE: OKE) eine Zeichnungsvereinbarung mit einem Bankenkonsortium zur Ausgabe von insgesamt 3,0 Milliarden US-Dollar unbesicherter Senior Notes, die vollständig von verbundenen Unternehmen garantiert werden.
- 750 Millionen US-Dollar 4,950% Notes fällig 2032
- 1,0 Milliarde US-Dollar 5,400% Notes fällig 2035
- 1,25 Milliarden US-Dollar 6,250% Notes fällig 2055
Die Emission soll am 12. August 2025 abgeschlossen werden. Die Nettoerlöse werden verwendet, um (i) sämtliche ausstehenden Commercial Papers zurückzuzahlen und (ii) Senior Notes mit Fälligkeit am 15. September 2025 zu tilgen. Etwaige Restbeträge werden für allgemeine Unternehmenszwecke verwendet, einschließlich zusätzlicher Schuldenrückzahlung oder -einlösung.
Die Vereinbarung enthält standardmäßige Zusicherungen, Gewährleistungen, Entschädigungen und Kündigungsrechte. Eine zugehörige Pressemitteilung zur Preisbekanntgabe ist unter Punkt 7.01 (Anlage 99.1) verfügbar. Der Zeichnungsvertrag ist als Anlage 1.1 eingereicht.
Die Transaktion ersetzt kurzfristige Verbindlichkeiten durch langfristige Festzinsverbindlichkeiten, stärkt die Liquidität und verlängert den Fälligkeitsterminplan von ONEOK ohne Eigenkapitalverwässerung.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01 | Entry into a Material Definitive Agreement. |
Underwriting Agreement
On August 6, 2025, ONEOK, Inc. (“ONEOK”), ONEOK Partners, L.P. (“ONEOK Partners”), ONEOK Partners Intermediate Limited Partnership (“ONEOK Partners Intermediate”), Magellan Midstream Partners, L.P. (“Magellan”), Elk Merger Sub II, L.L.C. (“Elk Merger Sub II”) and EnLink Midstream Partners, LP (“EnLink” and, together with ONEOK Partners, ONEOK Partners Intermediate, Magellan and Elk Merger Sub II, the “Guarantors”) entered into an underwriting agreement (the “Underwriting Agreement”) with Mizuho Securities USA LLC, Deutsche Bank Securities Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, and Truist Securities, Inc., as representatives of the underwriters named therein (the “Underwriters”), with respect to the issuance and sale (the “Offering”) by ONEOK of $750 million aggregate principal amount of its 4.950% notes due 2032 (the “2032 Notes”), $1.0 billion aggregate principal amount of its 5.400% notes due 2035 (the “2035 Notes”), and $1.25 billion aggregate principal amount of its 6.250% notes due 2055 (the “2055 Notes” and, together with the 2032 Notes and the 2035 Notes, the “Notes”) and such Notes guaranteed by the Guarantors.
The Offering is expected to close on August 12, 2025, subject to customary closing conditions. As described in the prospectus supplement, dated August 6, 2025, ONEOK intends to use the net proceeds from the Offering to repay all of its outstanding commercial paper, and repay in full at maturity its senior notes due September 15, 2025, together with any accrued and unpaid interest to the date of repayment. ONEOK intends to use any remaining net proceeds from the Offering for general corporate purposes, which may include the repayment of outstanding indebtedness, including the repurchase or redemption of existing notes.
The Underwriting Agreement contains customary representations, warranties and agreements by ONEOK and the Guarantors, and customary conditions to closing, indemnification obligations of each of ONEOK and the Guarantors, on the one hand, and the Underwriters, on the other hand, including for liabilities under the Securities Act of 1933, as amended (the “Securities Act”), obligations of the parties and termination provisions.
The foregoing description of the Underwriting Agreement is qualified in its entirety by reference to such Underwriting Agreement, a copy of which is filed herewith as Exhibit 1.1 and is incorporated herein by reference.
Affiliations
The Underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. The Underwriters and their respective affiliates have provided in the past and may provide from time to time in the future certain commercial banking, financial advisory, investment banking and other services for ONEOK or its subsidiaries for which they will receive customary fees. Certain of the Underwriters, or their respective affiliates, are also agents and/or lenders under ONEOK’s credit facilities, dealers under ONEOK’s commercial paper program and holders of ONEOK’s senior notes.
U.S. Bank Trust Company, National Association, as trustee of the Notes (the “Trustee”), and certain of its affiliates have from time to time performed, and may in the future perform, various financial advisory, commercial and investment banking services for ONEOK or the Guarantors for which they received or will receive customary fees and expenses. The Trustee is a lender under ONEOK’s credit facility and an affiliate of the Trustee is an Underwriter.
| Item 7.01 | Regulation FD Disclosure. |
ONEOK issued a news release on August 6, 2025, announcing the pricing of the Notes. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information disclosed in this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Description | |
| 1.1 | Underwriting Agreement, dated August 6, 2025, among ONEOK, Inc., ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., Elk Merger Sub II, L.L.C., EnLink Midstream Partners, LP and Mizuho Securities USA LLC, Deutsche Bank Securities Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, and Truist Securities, Inc., as representatives of the underwriters named therein. | |
| 99.1 | News release issued by ONEOK, Inc. dated August 6, 2025. | |
| 104 | Cover page interactive data file (embedded within the Inline XBRL document and contained in Exhibit 101). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ONEOK, INC. | ||||||
| Date: August 8, 2025 | By: | /s/ Walter S. Hulse III | ||||
| Name: | Walter S. Hulse III | |||||
| Title: | Chief Financial Officer, Treasurer and Executive Vice President, Investor Relations and Corporate Development | |||||
FAQ
How much debt did ONEOK (OKE) issue on 6 August 2025?
What will ONEOK do with the proceeds from the $3 billion note offering?
What are the coupons and maturities of ONEOK’s new notes?
When is the closing date for the ONEOK bond offering?
Which institutions are underwriting ONEOK’s 2025 bond sale?
Which existing ONEOK debt will be repaid from the offering?
