ONEOK Partners Prices Upsized Units Offering

(RTTNews) - ONEOK Partners, L.P. (OKS) said Tuesday that it has priced a public offering of 12.1 million common units at $52.94 per unit.

The public offering represents an increase of 1.1 million common units compared with the 11 million common units announced on Monday, May 12.

Additionally, ONEOK, Inc. (OKE) will contribute $13.1 million to maintain its 2% general partner interest.

ONEOK Partners has also granted the underwriters a 30-day option to purchase up to an additional 1.815 million common units.

ONEOK Partners expects to use the net proceeds from the common unit offering for general partnership purposes and to repay amounts outstanding under its commercial paper program.

As a result of the successful completion of the public offering, ONEOK Partners will have 245.2 million units outstanding, which includes 172.2 million common units and 73.0 million Class B units. The aggregate ownership interest in the partnership by ONEOK and a subsidiary, which is the sole general partner of the partnership, will be about 39.1%, compared with 41.0% previously, assuming the option to purchase additional common units is not exercised.