ONEOK Provides Notice of Remarketing to Holders and Beneficial Owners of Corporate Units and 4 Percent Senior Notes Due 2008
02 November 2005 - 12:30AM
PR Newswire (US)
TULSA, Okla., Nov. 1 /PRNewswire-FirstCall/ -- ONEOK, Inc.
(NYSE:OKE) announced today that it is notifying holders of its 4
percent senior notes due Feb. 16, 2008, and holders of its
corporate units (CUSIP No. 682680 20 2), of which the senior notes
were originally issued as a component, of the proposed remarketing
of the senior notes. The remarketing agent, UBS Securities LLC,
will attempt to reset the interest rate on, and use its reasonable
efforts to remarket, the senior notes on Nov. 10, 2005, subject to
the terms of a remarketing agreement and the conditions of its
appointment as remarketing agent. The reset rate will be the
appropriate rate that the senior notes should bear so that the
senior notes may be remarketed at a price of approximately 100.5
percent of the sum of the purchase price of a specified portfolio
of U.S. Treasury securities, plus the purchase price for separate
senior notes, if any, participating in the remarketing. The actual
reset rate will be determined on Nov. 10, 2005, and will be
effective from Nov. 16, 2005, upon a successful remarketing. A
holder must be a holder of record at the close of business on Nov.
9, 2005, to be eligible for excess proceeds, if any, over the
purchase price of the treasury portfolio and separate senior notes,
if any, after deducting a remarketing fee to the remarketing agent.
Each corporate unit currently consists of a senior note and an
equity purchase contract, which obligates holders to purchase ONEOK
common stock on Feb. 16, 2006. If the senior notes are successfully
remarketed, the proceeds of the remarketing effort will be used to
purchase a portfolio of U.S. Treasury securities that will be
pledged as collateral to secure the holders' obligations under the
purchase contracts. On Feb. 16, 2006, ONEOK will be paid the
proceeds from the maturity of the treasury portfolio and will issue
shares of common stock, the number of which will depend upon the
average closing price of our common stock for the 20 trading days
ending on the third trading day prior to Feb. 16, 2006. At the
conclusion of the remarketing, ONEOK will continue to have $402.5
million of senior notes due Feb. 16, 2008. This notice does not
constitute an offer to sell or the solicitation of an offer to buy
any securities. The remarketing will only be made under terms of a
prospectus supplement and accompanying prospectus, which, when
finalized, may be obtained from the remarketing agent. For
additional information regarding the remarketing of the senior
notes, contact: UBS Investment Bank, Attention: Liability
Management, (203) 719-4210. ONEOK, Inc. is a diversified energy
company. We are among the largest natural gas distributors in the
United States, serving more than 2 million customers in Oklahoma,
Kansas and Texas. We are a leader in the gathering, processing,
storage and transportation of natural gas in the mid-continent
region of the U.S. and own one of the nation's premier natural gas
liquids (NGL) systems, connecting much of the NGL supply in the
mid-continent with two key market centers. Our energy services
operation focuses primarily on marketing natural gas and related
services throughout the U.S. ONEOK is the majority general partner
of Northern Border Partners L.P. (NYSE:NBP), one of the largest
publicly-traded limited partnerships. ONEOK is a Fortune 500
company. Some of the statements contained and incorporated in this
press release are forward-looking statements within the meaning of
the Private Securities Litigation Reform Acts of 1995. The
forward-looking statements relate to: anticipated financial
performance, including anticipated operating income from the
businesses we acquired on July 1, 2005, from Koch Industries, Inc.
and affiliates; management's plans and objectives for future
operations; business prospects; outcome of regulatory and legal
proceedings; market conditions and other matters. The Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements in certain circumstances. For
information about ONEOK, Inc. visit the Web site:
http://www.oneok.com/ . Analyst Contact: Dan Harrison 918-588-7950
Media Contact: Lori Webster 918-588-7570 DATASOURCE: ONEOK, Inc.
CONTACT: analysts, Dan Harrison, +1-918-588-7950, or media, Lori
Webster, +1-918-588-7570, both of ONEOK, Inc. Web site:
http://www.oneok.com/
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