Oneok Inc. entered into an agreement with a syndicate of lenders to amend and further extend the maturity date of its $2.5 billion revolving credit agreement by one year, the company said in a May 28 SEC filing.
Effective May 24, the agreement with Citibank NA as administrative agent, other lenders and letter of credit issuers extended the revolver's maturity date to June 30, 2024, from June 30, 2023. Oneok had previously extended the maturity date, also by one year, in June 2018.
The agreement also included the administrative agent's option to replace the London interbank offered rate, or LIBOR, with an alternate benchmark interest rate for certain loans. LIBOR is expected to be phased out by 2021, according to the U.K.'s Financial Conduct Authority.
Oneok provides midstream natural gas and NGL services that include gathering, processing, storage and transportation.