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Oneok Inc. (NYSE:OKE), a midstream energy company with a market capitalization of $47.4 billion, completed an underwritten public offering of senior notes totaling $3 billion, according to a statement filed with the Securities and Exchange Commission. The transaction closed Tuesday. According to InvestingPro analysis, ONEOK currently appears undervalued, with multiple financial metrics suggesting growth potential.
The offering includes $750 million of 4.950% notes due 2032, $1 billion of 5.400% notes due 2035, and $1.25 billion of 6.250% notes due 2055. The notes are guaranteed by several subsidiaries, including Oneok Partners, L.P., Oneok Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., Elk Merger Sub II, L.L.C., and EnLink Midstream Partners, LP. With total debt of $32.5 billion and a debt-to-equity ratio of 1.49, this offering adds to ONEOK’s substantial debt position.
Oneok reported that the net proceeds from the offering are approximately $2.959 billion after deducting underwriting discounts and estimated expenses. The company plans to use the funds to repay all of its outstanding commercial paper and to pay in full at maturity its senior notes due September 15, 2025, including any accrued and unpaid interest. Any remaining net proceeds may be used for general corporate purposes, which could include the repayment or redemption of existing indebtedness. The company maintains a "FAIR" financial health score according to InvestingPro analysis, with strong EBITDA of $6.8 billion in the last twelve months.
The notes were issued under an indenture originally dated January 26, 2012, as supplemented specifically for this offering. U.S. Bank Trust Company, National Association, acts as trustee.
Affiliates of the underwriters have provided and may continue to provide commercial banking, investment banking, and other financial services to Oneok and its subsidiaries, for which they receive customary fees. Affiliates of some underwriters are also agents or lenders under Oneok’s credit facilities and participate as dealers in its commercial paper program. The trustee and its affiliates have also provided and may provide financial services to Oneok and the guarantors.
This information is based on a press release statement from Oneok’s recent SEC filing.
In other recent news, ONEOK Inc. reported strong financial results for the second quarter of 2025, highlighting a notable increase in net income and strategic acquisitions. The company made a strategic investment in the Delaware Basin, which contributed to bolstering its earnings. Despite these positive developments, RBC Capital has lowered its price target for ONEOK to $88, citing potential commodity price headwinds in 2026. Similarly, TD Cowen adjusted its price target to $87 due to concerns over the company’s 2026 EBITDA projections. Both firms maintained their respective ratings, with RBC Capital keeping a Sector Perform rating and TD Cowen maintaining a Hold rating. These adjustments reflect analyst concerns over future growth and commodity market challenges. Investors are closely watching these developments as they assess ONEOK’s strategic direction and financial performance.
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