ONEOK Partners Prices Units Offering

(RTTNews) - ONEOK Partners, L.P. (OKS) said Wednesday that it has priced a public offering of 10.0 million common units at $49.61 per unit.

Additionally, ONEOK will contribute $10.5 million to maintain its 2% general partner interest.

ONEOK Partners also granted the underwriters a 30-day option to purchase up to an additional 1.5 million common units to cover any over-allotments.

ONEOK Partners expects to use the net proceeds from the common unit offering for general partnership purposes and to repay amounts outstanding under its $1.2 billion commercial paper program.

Following the public offering, ONEOK Partners will have 230.1 million units outstanding, which includes 157.1 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 41.5%, compared with 43.3% previously, assuming the over-allotment option is not exercised.