The tender offers encompass 20 different series of senior notes, with acceptance priority levels determining which securities are retired first. Holders who tender their notes before the September 14, 2026, early deadline are eligible for an additional premium. The final expiration for the offers is set for September 29, 2026, with settlement dates scheduled throughout September and early October.
ONEOK Launches $2 Billion Debt Buyback as Part of Restructuring
Tulsa-based energy firm ONEOK is initiating cash tender offers to repurchase up to $2 billion of its outstanding senior notes. This move serves as a cornerstone of the company’s broader $5 billion debt reduction strategy, which coincides with a planned corporate reorganization and a significant minority equity investment from Apollo Global Management.
Execution of these buybacks remains contingent on the closing of the minority equity investment by Apollo Global Management and the subsequent merger of ONEOK into a new successor entity, Falcon Merger Sub. Once the reorganization is finalized, the surviving entity will be renamed ONEOK, L.L.C. Beyond these tender offers, the company signaled intent to potentially redeem an additional $250 million in senior notes due in 2026 and 2027. Barclays Capital Inc. is managing the tender process, while D.F. King & Co., Inc. is handling information and logistics for noteholders.
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