TULSA, Okla. -- August 29, 2026 -- ONEOK, Inc. (NYSE: OKE) commenced cash tender offers on Aug. 30, 2026, to buy back up to $2 billion in aggregate purchase price of outstanding senior notes across 20 series, the company said. The move forms part of a previously announced plan to repurchase or repay $5 billion of ONEOK's senior debt. The Tulsa-based pipeline operator set an early tender deadline of 5:00 p.m. New York time on Sept. 14, 2026, and a final expiration time of Sept. 29, 2026.
Twenty note series face a strict acceptance ranking
ONEOK ranked the 20 series by Acceptance Priority Level, with Level 1 assigned to the $797 million of 3.950% Senior Notes due 2050 and Level 20 to the $1.6 billion of 5.050% Senior Notes due 2034. The largest single series eligible, the 5.700% Senior Notes due 2054, carries $1.48 billion outstanding at Priority Level 14. Holders who tender by the early deadline get priority over later tenders regardless of a note's ranking, and ONEOK can raise or lower the $2 billion cap at its discretion.
Early tenders carry a $50 premium per $1,000 note
Noteholders who tender at or before the Sept. 14 early deadline qualify for the Early Tender Consideration, calculated off fixed spreads over specific U.S. Treasury reference securities ranging from 30 to 120 basis points depending on the series. Holders tendering after that deadline but before the Sept. 29 expiration receive the same consideration minus a $50 early tender premium per $1,000 principal amount. Pricing will be set at 9:00 a.m. New York time on Sept. 15, 2026. Early settlement is expected Sept. 17, with final settlement targeted for Oct. 1, 2026.
The offer hinges on Apollo's minority stake closing
ONEOK's obligation to accept and pay for tendered notes depends on completion of the previously disclosed minority equity investment by Apollo Global Management, Inc. and a related reorganization in which ONEOK will merge into Falcon Merger Sub, L.L.C., a subsidiary of Falcon TopCo, Inc. Once that reorganization takes effect, Falcon Merger Sub becomes "ONEOK, L.L.C." and Falcon TopCo becomes "ONEOK, Inc.,