ONEOK, Inc. (NYSE:OKE) Files An 8-K Termination of a Material Definitive Agreement

ME Staff 8-k
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ONEOK, Inc. (NYSE:OKE) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02

Termination of a Material Definitive Agreement
ONEOK Credit Agreement
On June 23, 2017, ONEOK, Inc. (“ONEOK”) delivered notice of termination of its Amended and Restated Credit Agreement, effective as of January 31, 2014, among ONEOK, as borrower, Bank of America, N.A. as administrative agent, swing-line lender, a letter of credit issuer and a lender and the other lenders and letter of credit issuers parties thereto (as extended, the “ONEOK Credit Agreement”). The termination is contingent upon the closing of the merger of ONEOK Partners, L.P. (“ONEOK Partners”) with and into a wholly owned subsidiary of ONEOK, with ONEOK Partners continuing as the surviving entity and as a wholly owned subsidiary of ONEOK (the “Merger”) and upon the satisfaction of the other closing conditions of the 2017 Credit Agreement (as defined below) and is also subject to the survival of any provisions which by their terms survive the termination.
Some of the lenders and letter of credit issuers under the ONEOK Credit Agreement are lenders or letter of credit issuers under ONEOK’s recently announced credit agreement (the “2017 Credit Agreement”) which provides for a $2.5 billion revolving unsecured credit facility that will become effective upon the closing of the Merger and satisfaction of other closing conditions.
ONEOK Partners Credit Agreement
On June 23, 2017, ONEOK Partners also delivered notice of termination of its Amended and Restated Credit Agreement, effective as of January 31, 2014, among ONEOK Partners, as borrower, Citibank, N.A. as administrative agent, swing-line lender, a letter of credit issuer and a lender and the other lenders and letter of credit issuers parties thereto (as extended, the “ONEOK Partners Credit Agreement”). The termination is contingent upon the closing of the Merger and upon the satisfaction of the other closing conditions of the 2017 Credit Agreement and is also subject to the survival of any provisions which by their terms survive the termination.
Some of the lenders and letter of credit issuers under the ONEOK Partners Credit Agreement are lenders or letter of credit issuers under the 2017 Credit Agreement.

About ONEOK, Inc. (NYSE:OKE)

ONEOK, Inc. is the sole general partner of ONEOK Partners, L.P. (ONEOK Partners), a master limited partnership engaged in the gathering, processing, storage and transportation of natural gas in the United States. The Company operates through three business segments: Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines. The Natural Gas Gathering and Processing segment provides non-discretionary services to producers that include gathering and processing of natural gas produced from crude oil and natural gas wells. The Natural Gas Liquids segment owns and operates facilities that gather, fractionate, treat and distribute natural gas liquids (NGLs), and store NGL products, primarily in Oklahoma, Kansas, Texas, New Mexico and the Rocky Mountain region. The Natural Gas Pipelines segment owns and operates regulated natural gas transmission pipelines and natural gas storage facilities.