Citibank Leads ONEOK Revolver Increase
ONEOK Partners expanded its lender group and increased the commitments under its revolving credit facility to $2.4 billion from $1.7 billion. The partnership’s lenders, a syndicate of 20 banks, led by Citibank, Bank of America, Barclays, JPMorgan Chase, Morgan Stanley, The Royal Bank of Scotland, UBS and Wells Fargo Bank approved the increase, which became effective March 10, 2015.
The facility, which was originally entered into in January 2014, expires in January 2019.
“The approval to increase the size of ONEOK Partners credit facility demonstrates the strong support from our bank syndicate group, resulting in increased liquidity and financial flexibility, which further enhances the partnership’s already strong balance sheet,” said Derek S. Reiners, ONEOK Partners senior vice president, CFO and treasurer. “This increase to our existing facility will be used to support the partnership’s approximately $1.2 billion of capital expenditures in 2015, as well as our commercial paper program, working capital requirements and other general partnership purposes.”
ONEOK Partners gathers, processes, storages and transports natural gas in the U.S. and owns one of the nation’s premier natural gas liquids (NGL) systems.