ONEOK Partners LP (NYSE: OKS) has priced an offering to sell $800 million of senior notes, consisting of $300 million of five-year senior notes at a coupon of 3.8% and $500 million of 10-year senior notes at a coupon of 4.9%. The notes will be issued under the partnership's existing shelf registration statement previously filed with the US Securities and Exchange Commission.
The net proceeds, after deducting underwriting discounts and commissions, are expected to be $793.8 million. ONEOK Partners expects to use the proceeds to repay amounts outstanding under its commercial paper program and for general partnership purposes.
The offering is expected to close on March 20.
The joint book-running managers for the offering are JP Morgan Securities LLC, Deutsche Bank Securities Inc., Mitsubishi UFJ Securities (USA) Inc., and US Bancorp Investments Inc.