ONEOK Inc. (NYSE: OKE) made an optional redemption for all its outstanding 5.2% senior notes, worth $400 million, due 2015, the company said Feb. 3. The redemption price is equal to the principal and “make-whole” amounts, plus accrued and unpaid interest to, but not including, the redemption date, the company added.
Repayment is scheduled for March 5, the company said, adding that repayment is estimated around $429 million. This amount includes accrued but unpaid interest, the company added.
To partially fund this redemption, part of a cash payment—of $1.13 billion—given to ONEOK from its wholly-owned subsidiary ONE Gas Inc. (OGS) on Jan. 27 will be used, the company said.
That payment was given to ONEOK during the formation of ONE Gas into a separate company, ONEOK added.
ONEOK, based in Tulsa, is a diversified natural gas distributor.
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