[8-K] Oneok, Inc. Reports Material Event
ONEOK, Inc. completed a registered public offering across three fixed-rate note tranches: $750 million of 4.950% notes due 2032, $1.0 billion of 5.400% notes due 2035 and $1.25 billion of 6.250% notes due 2055, producing approximately $2.959 billion of net proceeds after underwriting discounts and estimated expenses. The issuance adds long-term, fixed-rate debt while providing immediate liquidity.
The company intends to use the net proceeds to repay all outstanding commercial paper and to repay in full senior notes maturing in 2025, with any remaining funds available for general corporate purposes, which may include repayment, repurchase or redemption of other indebtedness. The Notes are guaranteed by several ONEOK-related entities and governed by supplemental indentures filed as exhibits.
ONEOK, Inc. ha completato un'offerta pubblica registrata articolata in tre tranche di obbligazioni a tasso fisso: $750 million di titoli al 4.950% con scadenza 2032, $1.0 billion di titoli al 5.400% con scadenza 2035 e $1.25 billion di titoli al 6.250% con scadenza 2055, generando circa $2.959 miliardi di proventi netti al netto degli sconti di collocamento e delle spese stimate. L'emissione incrementa il debito a lungo termine a tasso fisso fornendo liquidità immediata.
L'azienda intende utilizzare i proventi netti per rimborsare tutto il commercial paper in essere e per estinguere integralmente le obbligazioni senior in scadenza nel 2025; eventuali fondi residui saranno destinati a scopi societari generali, che possono includere il rimborso, il riacquisto o la cancellazione di altri indebitamenti. I titoli sono garantiti da diverse entità correlate a ONEOK e disciplinati da indenture supplementari depositati come allegati.
ONEOK, Inc. completó una oferta pública registrada distribuida en tres tramos de pagarés a tasa fija: $750 million de notas al 4.950% con vencimiento en 2032, $1.0 billion de notas al 5.400% con vencimiento en 2035 y $1.25 billion de notas al 6.250% con vencimiento en 2055, generando aproximadamente $2.959 mil millones de ingresos netos después de descuentos de colocación y gastos estimados. La emisión incorpora deuda a largo plazo a tasa fija y proporciona liquidez inmediata.
La compañía tiene la intención de utilizar los ingresos netos para pagar todo el papel comercial en circulación y para liquidar por completo las notas senior con vencimiento en 2025; los fondos restantes, si los hay, se destinarán a propósitos corporativos generales, que pueden incluir el pago, recompra o amortización de otros pasivos. Las notas están garantizadas por varias entidades relacionadas con ONEOK y se rigen por contratos suplementarios presentados como anexos.
ONEOK, Inc.는 고정금리 채권 세 트랜치로 구성된 등록 공모를 완료했습니다: 만기 2032년, 이자율 4.950%의 $750 million 어치, 만기 2035년, 이자율 5.400%의 $1.0 billion 어치, 만기 2055년, 이자율 6.250%의 $1.25 billion 어치로, 인수수수료 및 추정 비용을 뺀 순수익으로 약 $2.959 billion을 확보했습니다. 이번 발행은 장기 고정금리 부채를 추가하면서 즉시 활용 가능한 유동성을 제공합니다.
회사는 순수익을 모든 미결 상업어음 상환과 2025년에 만기가 도래하는 선순위 채권의 전액 상환에 사용할 예정이며, 잔여 자금이 있을 경우 일반 기업 목적(다른 부채의 상환·재매입·상각 포함)에 사용할 수 있습니다. 해당 노트는 여러 ONEOK 관련 법인들이 보증하며, 보충 채권계약서가 증빙서류로 제출되어 해당 조건을 규정합니다.
ONEOK, Inc. a réalisé une offre publique enregistrée répartie en trois tranches d'obligations à taux fixe : $750 million de titres à 4,950% échéant en 2032, $1.0 billion de titres à 5,400% échéant en 2035 et $1.25 billion de titres à 6,250% échéant en 2055, générant environ $2.959 milliards de produits nets après rabais de souscription et frais estimés. Cette émission ajoute de la dette à long terme à taux fixe tout en apportant une liquidité immédiate.
La société a l'intention d'utiliser les produits nets pour rembourser l'ensemble des billets de trésorerie en circulation et pour rembourser intégralement les obligations senior arrivant à échéance en 2025 ; les fonds restants, le cas échéant, seront disponibles pour des usages généraux de l'entreprise, pouvant inclure le remboursement, le rachat ou l'annulation d'autres dettes. Les Notes sont garanties par plusieurs entités liées à ONEOK et régies par des actes supplémentaires déposés en annexe.
ONEOK, Inc. hat ein registriertes öffentliches Angebot in drei Tranchen festverzinslicher Schuldverschreibungen abgeschlossen: $750 million an 4,950%igen Schuldverschreibungen fällig 2032, $1.0 billion an 5,400%igen Schuldverschreibungen fällig 2035 und $1.25 billion an 6,250%igen Schuldverschreibungen fällig 2055, wodurch nach Zeichnerabschlägen und geschätzten Kosten etwa $2.959 Milliarden an Nettoerlösen erzielt wurden. Die Emission erhöht langfristige Festzinsverbindlichkeiten und verschafft sofortige Liquidität.
Das Unternehmen beabsichtigt, die Nettoerlöse zur Rückzahlung aller ausstehenden Commercial Paper und zur vollständigen Tilgung von Senior Notes mit Fälligkeit 2025 zu verwenden; verbleibende Mittel stehen für allgemeine Unternehmenszwecke zur Verfügung, einschließlich möglicher Rückzahlung, Rückkauf oder Einlösung anderer Verbindlichkeiten. Die Notes sind durch mehrere ONEOK-nahe Einheiten garantiert und durch ergänzende Schuldurkunden geregelt, die als Anlagen eingereicht wurden.
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Insights
TL;DR: ONEOK secured roughly $3.0B of long-term financing, reducing near-term refinancing risk but increasing fixed interest obligations.
The multi-tranche offering raises approximately $2.959 billion net through notes maturing in 2032, 2035 and 2055 with coupons of 4.950%, 5.400% and 6.250%, respectively. Proceeds are earmarked to retire commercial paper and senior notes maturing in 2025, which materially lowers short-term liquidity pressure and rollover risk. The extended maturities shift funding needs to the 2030s and 2055 horizon, improving near-term cash flow flexibility but locking in fixed-rate interest costs that will increase long-term interest expense compared with zero-cost commercial paper. Guarantees by subsidiaries consolidate repayment responsibility across related entities and may affect their credit profiles.
TL;DR: The registered S-3 offering and supplemental indentures provide formal, documented refinancing and capital structure extension.
The issuance was registered under the company’s existing Form S-3 registration and governed by supplemental indentures, with the trustee and underwriting relationships disclosed. Using offering proceeds to eliminate commercial paper and an upcoming senior note maturity converts short-term obligations into long-term paper, aligning maturity structure with strategic needs. The presence of several guarantors is common in sponsored structures but creates cross-entity obligations that treasury teams must monitor for covenant and liquidity management. Overall, the transaction is impactful and typical for corporate refinancing.
ONEOK, Inc. ha completato un'offerta pubblica registrata articolata in tre tranche di obbligazioni a tasso fisso: $750 million di titoli al 4.950% con scadenza 2032, $1.0 billion di titoli al 5.400% con scadenza 2035 e $1.25 billion di titoli al 6.250% con scadenza 2055, generando circa $2.959 miliardi di proventi netti al netto degli sconti di collocamento e delle spese stimate. L'emissione incrementa il debito a lungo termine a tasso fisso fornendo liquidità immediata.
L'azienda intende utilizzare i proventi netti per rimborsare tutto il commercial paper in essere e per estinguere integralmente le obbligazioni senior in scadenza nel 2025; eventuali fondi residui saranno destinati a scopi societari generali, che possono includere il rimborso, il riacquisto o la cancellazione di altri indebitamenti. I titoli sono garantiti da diverse entità correlate a ONEOK e disciplinati da indenture supplementari depositati come allegati.
ONEOK, Inc. completó una oferta pública registrada distribuida en tres tramos de pagarés a tasa fija: $750 million de notas al 4.950% con vencimiento en 2032, $1.0 billion de notas al 5.400% con vencimiento en 2035 y $1.25 billion de notas al 6.250% con vencimiento en 2055, generando aproximadamente $2.959 mil millones de ingresos netos después de descuentos de colocación y gastos estimados. La emisión incorpora deuda a largo plazo a tasa fija y proporciona liquidez inmediata.
La compañía tiene la intención de utilizar los ingresos netos para pagar todo el papel comercial en circulación y para liquidar por completo las notas senior con vencimiento en 2025; los fondos restantes, si los hay, se destinarán a propósitos corporativos generales, que pueden incluir el pago, recompra o amortización de otros pasivos. Las notas están garantizadas por varias entidades relacionadas con ONEOK y se rigen por contratos suplementarios presentados como anexos.
ONEOK, Inc.는 고정금리 채권 세 트랜치로 구성된 등록 공모를 완료했습니다: 만기 2032년, 이자율 4.950%의 $750 million 어치, 만기 2035년, 이자율 5.400%의 $1.0 billion 어치, 만기 2055년, 이자율 6.250%의 $1.25 billion 어치로, 인수수수료 및 추정 비용을 뺀 순수익으로 약 $2.959 billion을 확보했습니다. 이번 발행은 장기 고정금리 부채를 추가하면서 즉시 활용 가능한 유동성을 제공합니다.
회사는 순수익을 모든 미결 상업어음 상환과 2025년에 만기가 도래하는 선순위 채권의 전액 상환에 사용할 예정이며, 잔여 자금이 있을 경우 일반 기업 목적(다른 부채의 상환·재매입·상각 포함)에 사용할 수 있습니다. 해당 노트는 여러 ONEOK 관련 법인들이 보증하며, 보충 채권계약서가 증빙서류로 제출되어 해당 조건을 규정합니다.
ONEOK, Inc. a réalisé une offre publique enregistrée répartie en trois tranches d'obligations à taux fixe : $750 million de titres à 4,950% échéant en 2032, $1.0 billion de titres à 5,400% échéant en 2035 et $1.25 billion de titres à 6,250% échéant en 2055, générant environ $2.959 milliards de produits nets après rabais de souscription et frais estimés. Cette émission ajoute de la dette à long terme à taux fixe tout en apportant une liquidité immédiate.
La société a l'intention d'utiliser les produits nets pour rembourser l'ensemble des billets de trésorerie en circulation et pour rembourser intégralement les obligations senior arrivant à échéance en 2025 ; les fonds restants, le cas échéant, seront disponibles pour des usages généraux de l'entreprise, pouvant inclure le remboursement, le rachat ou l'annulation d'autres dettes. Les Notes sont garanties par plusieurs entités liées à ONEOK et régies par des actes supplémentaires déposés en annexe.
ONEOK, Inc. hat ein registriertes öffentliches Angebot in drei Tranchen festverzinslicher Schuldverschreibungen abgeschlossen: $750 million an 4,950%igen Schuldverschreibungen fällig 2032, $1.0 billion an 5,400%igen Schuldverschreibungen fällig 2035 und $1.25 billion an 6,250%igen Schuldverschreibungen fällig 2055, wodurch nach Zeichnerabschlägen und geschätzten Kosten etwa $2.959 Milliarden an Nettoerlösen erzielt wurden. Die Emission erhöht langfristige Festzinsverbindlichkeiten und verschafft sofortige Liquidität.
Das Unternehmen beabsichtigt, die Nettoerlöse zur Rückzahlung aller ausstehenden Commercial Paper und zur vollständigen Tilgung von Senior Notes mit Fälligkeit 2025 zu verwenden; verbleibende Mittel stehen für allgemeine Unternehmenszwecke zur Verfügung, einschließlich möglicher Rückzahlung, Rückkauf oder Einlösung anderer Verbindlichkeiten. Die Notes sind durch mehrere ONEOK-nahe Einheiten garantiert und durch ergänzende Schuldurkunden geregelt, die als Anlagen eingereicht wurden.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
Issuance of Notes
On August 12, 2025, ONEOK, Inc. (“ONEOK”) completed its previously announced underwritten public offering (the “Offering”) 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”). The Notes are guaranteed by 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., a Delaware limited liability company (“Elk Merger Sub II”) and EnLink Midstream Partners, LP, a Delaware limited partnership (together with ONEOK Partners, ONEOK Partners Intermediate, Magellan and Elk Merger Sub II, the “Guarantors”).
ONEOK intends to use the net proceeds from the Offering of approximately $2.959 billion, after deducting underwriting discounts and estimated offering expenses, 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.
Supplemental Indentures and Notes
ONEOK registered the sale of the Notes with the Securities and Exchange Commission pursuant to a Registration Statement on Form S-3 (Registration No. 333-272782) filed on June 20, 2023, as amended by Post-Effective Amendment No. 1 to Form S-3, filed on September 10, 2024, and Post-Effective Amendment No. 2 to Form S-3, filed on August 6, 2025.
The terms of the Notes and the guarantees related thereto are governed by the Indenture, dated as of January 26, 2012, between ONEOK and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as trustee (the “Trustee”), as supplemented by (i) the Thirty-Third Supplemental Indenture in the case of the 2032 Notes, (ii) the Thirty-Fourth Supplemental Indenture in the case of the 2035 Notes and (iii) the Thirty-Fifth Supplemental Indenture in the case of the 2055 Notes, and in each case dated as of August 12, 2025, by and among ONEOK, the Guarantors and the Trustee (collectively, the “Supplemental Indentures”).
The foregoing description of the Supplemental Indentures is qualified in its entirety by reference to the Supplemental Indentures, copies of which are filed herewith as Exhibits 4.2, 4.3 and 4.4 and are incorporated herein by reference, and to the forms of the Notes, copies of which are filed herewith as Exhibits 4.5, 4.6 and 4.7 and are 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. Affiliates of certain of the Underwriters are also agents and/or lenders under ONEOK’s credit facilities and dealers under ONEOK’s commercial paper program.
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 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information included under “Supplemental Indentures and Notes” in Item 1.01 above is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits |
| Exhibit Number |
Description | |
| 4.1 | Indenture, dated January 26, 2012, among ONEOK, Inc. and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to ONEOK, Inc.’s Current Report on Form 8-K filed January 26, 2012 (File No. 1-13643)). | |
| 4.2 | Thirty-Third Supplemental Indenture, dated as of August 12, 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 U.S. Bank National Association, as trustee, with respect to 4.950% Notes due 2032. | |
| 4.3 | Thirty-Fourth Supplemental Indenture, dated as of August 12, 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 U.S. Bank National Association, as trustee, with respect to 5.400% Notes due 2035. | |
| 4.4 | Thirty-Fifth Supplemental Indenture, dated as of August 12, 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 U.S. Bank National Association, as trustee, with respect to 6.250% Notes due 2055. | |
| 4.5 | Form of Note due 2032 (included in Exhibit 4.1 hereto). | |
| 4.6 | Form of Note due 2035 (included in Exhibit 4.2 hereto). | |
| 4.7 | Form of Note due 2055 (included in Exhibit 4.3 hereto). | |
| 5.1 | Opinion of Latham & Watkins LLP. | |
| 5.2 | Opinion of GableGotwals. | |
| 23.1 | Consent of Latham & Watkins LLP (included in Exhibit 5.1 hereto). | |
| 23.2 | Consent of GableGotwals (included in Exhibit 5.2 hereto). | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (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 13, 2025 | By: | /s/ Walter S. Hulse III | ||||
| Name: | Walter S. Hulse III | |||||
| Title: | Chief Financial Officer, Treasurer and Executive Vice President, Investor Relations | |||||
