ONEOK enters $3.5 billion revolving credit facility, up from $2.5 billion, maturing 2030
ONEOK entered a second amended and restated credit agreement on February 14, 2025, with Citibank as administrative agent. The $3.5 billion unsecured revolving facility replaces the prior $2.5 billion facility and extends maturity from June 2028 to February 2030. Subsidiaries ONEOK Partners, Magellan, and EnLink guaranteed the obligations, which matters to shareholders because it expands the company's committed borrowing capacity and extends its debt maturity profile.
Key points
- Facility size increased from $2.5 billion to $3.5 billion; ONEOK may request up to an additional $1.0 billion in commitments.
- Maturity extended from June 2028 to February 2030, with the term running five years from the February 14, 2025 closing date.
- Covenant requires a net leverage ratio not to exceed 5.00:1.00, stepping up to 5.50:1.00 for two fiscal quarters after an acquisition over $25 million.
- Guarantors include ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream Partners, L.P., and EnLink Midstream Partners, LP, all wholly owned subsidiaries.
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 20, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.