ONEOK launched cash tender offers capped at $2 billion as part of a plan to repurchase or repay $5 billion of senior debt.
The reorganization is tied to Apollo's minority equity investment, including a merger into newly formed Falcon Merger Sub, a subsidiary of Falcon TopCo.
The surviving entity is to be renamed ONEOK, L.L.C.; Falcon TopCo is to be renamed ONEOK, Inc. on the reorganization date.
Existing notes issued by ONEOK or ONEOK Partners are to be assumed by ONEOK, L.L.C., with guarantees provided by the renamed parent.
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