ONEOK amends credit agreement to allow cash netting for leverage ratio to finance Magellan merger

ONEOK INC /NEW/

Amendment permits netting of up to $100M of unencumbered cash and note proceeds for Specified Acquisitions.
Change facilitates financing of pending merger with Magellan Midstream Partners (MMP).
Amendment executed on May 26, 2023, with lenders including Citibank, Bank of America, JPMorgan, etc.
Leverage ratio calculation modified to exclude certain cash held for acquisition financing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ONEOK INC /NEW/ amended First Amendment to Amended and Restated Credit Agreement with Citibank, N.A., as administrative agent valued at Amendment amending Credit Agreement to allow netting of cash proceeds for Specified Acquisitions and (effective 2023-05-26).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent
Value: Amendment amending Credit Agreement to allow netting of cash proceeds for Specified Acquisitions and
Effective: 2023-05-26

Exact text from the filing

On May 26, 2023, ONEOK entered into the First Amendment to Amended and Restated Credit Agreement (the “ Amendment ”), amending that certain Amended and Restated Credit Agreement dated as of June 10, 2022 (the “ Credit Agreement ”), among ONEOK, as borrower, ONEOK Partners Intermediate Limited Partnership and ONEOK Partners, L.P., each, as guarantors, Citibank, N.A., as administrative agent, and the lenders, swing line lenders and letter of credit issuers party thereto.

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ONEOK INC /NEW/ filing history →

Source: SEC EDGAR

accession 0001213900-23-043543

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