ONEOK, Inc. announced a new $2.5 billion, five-year senior unsecured revolving credit facility, to replace the existing ONEOK and ONEOK Partners, L.P. credit facilities.

The new facility will be available upon the completion of the previously announced merger transaction in which ONEOK will acquire all of the outstanding common units of ONEOK Partners it does not already own and the termination of the existing ONEOK and ONEOK Partners credit facilities. Completion of the transaction is expected to occur in the second quarter of 2017.

A syndicate of 22 banks, led by Citibank, N.A., Bank of America, N.A., Barclays Bank PLC, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Morgan Stanley Bank, N.A., and Wells Fargo Bank, National Association, committed to ONEOK's new facility.

"The high level of interest and quality of participation we received in ONEOK's new credit facility demonstrates the strong support from our bank syndicate group following the announcement of the ONEOK and ONEOK Partners merger transaction," said Terry K. Spencer, ONEOK and ONEOK Partners president and chief executive officer. "The commitments to this facility are another positive step toward moving forward as one standalone company, with a continued focus on executing our long-term strategy."

The new credit facility will replace the existing $300 million and $2.4 billion revolving credit facilities at ONEOK and ONEOK Partners, respectively. The facility includes options to request an increase in the size of the facility to $3.5 billion and two one-year extensions, subject to lender approvals. The facility will be available for working capital, capital expenditures, acquisitions, the issuance of letters of credit and for other general corporate purposes.