ONEOK Partners increases revolving credit facility

ONEOK Partners LP (NYSE: OKS) has expanded its lender group and increased the commitments under its revolving credit facility to $2.4 billion from $1.7 billion.

The partnership's lenders, a syndicate of 20 banks, led by Citibank, Bank of America, Barclays, JPMorgan Chase, Morgan Stanley, The Royal Bank of Scotland, UBS, and Wells Fargo Bank approved the increase, which became effective March 10.

Derek S. Reiners, ONEOK Partners senior vice president, CFO, and treasurer, said, “This increase to our existing facility will be used to support the partnership's approximately $1.2 billion of capital expenditures in 2015, as well as our commercial paper program, working capital requirements and other general partnership purposes."

The credit facility, which was originally entered into in January 2014, expires in January 2019.

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