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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...