other material
confidence high
sentiment positive
materiality 0.85
ONEOK closes $9B Apollo minority equity investment; completes holding company reorganization
ONEOK INC /NEW/
- Apollo invested $9B for nonvoting Class B interest in ONEOK Holdings, structurally subordinate to debt.
- Proceeds to fund Brazos Midland acquisition and extinguish $5B of outstanding indebtedness.
- ONEOK reorganized into holding company structure; shares continue on NYSE as OKE with new CUSIP 30609A 109.
- Credit rating agencies view transaction as credit-enhancing; ONEOK contributed OpCo equity for 6.02B Class A units.
- Directors and officers unchanged; Pierce Norton remains CEO, Walter Hulse CFO.