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Oneok Increases Stake in Oneok Partners

By Associated Press

March 11, 2008

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Natural-gas company Oneok Inc. said Tuesday it bought 5.4 million common units from ONEOK Partners LP for a total of $303.2 million.

Oneok is the general partner of Oneok Partners. The purchase increases Oneok's interest in Oneok Partners to 47.8 percent from 45.7 percent.

Oneok also contributed $9.4 million to maintain its 2 percent general partner interest in the company. Oneok said it used cash on hand and short-term borrowings to fund the transactions.

Additionally, the partnership priced a public offering of 2.5 million common units at $58.10 per unit.

Oneok Partners plans to use proceeds to repay debt and for general corporate purposes.

UBS Investment Bank, Citi, Wachovia Securities, RBC Capital Markets and Sanders Morris Harris served as underwriters.

Oneok shares gained 20 cents to $46.34 in morning trading. Shares of Oneok Partners fell $1.56 to $58.10.

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