Oneok Partners Announces Notes Offering

Oneok Partners, L.P. today announced that it has priced an offering to sell $600 million of 30-year senior notes at a coupon of 6.85 percent. The net proceeds, after deducting underwriting discounts and commissions and expenses, are expected to be $592.9 million.

Oneok Partners expects to use the proceeds to finance its previously announced $300 million acquisition of an interstate natural gas liquids and refined petroleum products pipeline system and related assets from a subsidiary of Kinder Morgan Energy Partners, L.P. , which is expected to close in early October 2007. Oneok Partners also plans to use a portion of the net proceeds to repay the debt outstanding under its $1 billion revolving credit facility.

The lead book-running managers for the offering are Wachovia Capital Markets, LLC, Greenwich Capital Markets, Inc. and UBS Securities LLC. Oneok Partners expects the notes offering to close on Sept. 28, 2007.

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