Oneok, Inc. · NYSE:OKE
Oneok — Oneok Inc /New/ — Merger or Acquisition (May 2017)
9 slides from Oneok's merger presentation, May 9, 2017
Slide 1: led by ONEOK, Ine.
led by ONEOK, Ine. (Commission File No. 001-13683) wuant to Rule 425, ort Sera Ast of 199, And Deemed Filed Pursuant to Rule 14a- Under the Securities Exchange Act of 1934 Subject Company: ONEOK Partners, L-P. (Commission File No.: 1-12202) Se CORE anil ONEOK Farmer, LB COOKS” a 31 among OKE, New Ho
Slide 2: Forward-Looking Statements
Page 2 FORWARD-LOOKING STATEMENTS This presentation contains certain "forward-looking statements" within the meaning of federal securities laws and covered by the safe harbor protections. Words such as "anticipates", "believes," "expects", "intends", "plans", "projects", "will", "would", "should", "
Slide 3: Forward-Looking Statements (Cont'd)
Page 3 FORWARD-LOOKING STATEMENTS (CONT’D) – the mechanical integrity of facilities operated; – demand for our services in the proximity of our facilities; – our ability to control operating costs; – acts of nature, sabotage, terrorism or other similar acts that cause damage to our facilities or our
Slide 4: ONEOK – ONEOK Partners Transaction Overview
ONEOK – ONEOK PARTNERS TRANSACTION OVERVIEW
Slide 5: Merger Transaction Summary
Page 6 MERGER TRANSACTION SUMMARY • On Feb. 1, 2017, ONEOK and ONEOK Partners announced a definitive agreement under which ONEOK will acquire all of the outstanding common units of ONEOK Partners that ONEOK does not already own – Each common unit of ONEOK Partners will be converted into 0.985 of a s
Slide 6: Compelling Long-Term Value for OKE Shareholders & OKS Unitholders
Page 7 COMPELLING LONG-TERM VALUE FOR OKE SHAREHOLDERS & OKS UNITHOLDERS Investment-grade credit ratings • S&P – ONEOK on CreditWatch positive to BBB from BB+ • Moody’s – ONEOK under review for upgrade to Baa3 from Ba1 • Annual dividend coverage target greater than 1.2 times • Ample cash flow to mai
Slide 7: OKE Financial Guidance Summary
Page 15 OKE FINANCIAL GUIDANCE SUMMARY • Net income range*: $575 million – $755 million • Adjusted EBITDA range*: $1,870 million – $2,130 million • Distributable cash flow*: $1,245 million – $1,505 million – Target dividend coverage ratio of 1.2 times or greater • Capital expenditures: $520 million
Slide 8: OKE – Strong Balance Sheet
Page 21 OKE – STRONG BALANCE SHEET • Leverage target – GAAP debt-to-EBITDA ratio < 4.0x • Committed to taking necessary steps to maintain investment-grade credit ratings • Expected credit ratings: – S&P: BBB – Moody’s: Baa3 • Announced new $2.5 billion revolving credit facility in April 2017* COMMIT
Slide 9: OKE — Strong Balance Sheet
OKE — STRONG BALANCE SHEET COMMITTED TO INVESTMENT-GRADE CREDIT RATING Leverage target GAAP debt-to-EBITDA ratio < 4.0x Committed to taking necessary steps to maintain investment-grade credit ratings OKE Adjusted EBITDA Growth ($ in Billions) $20 $18 $1.5 ue a $1.2 2013 «2014-2015, 2016207 —Adjusted