June 16, 2009 (FinancialWire) — Oneok Partners, L.P. (NYSE: OKS) has launched a public offering of five million of its common units. UBS Investment Bank (NYSE: UBS), Citigroup Global Markets (NYSE: C) and Merrill Lynch, Pierce (NYSE: MER) are acting as joint book-running managers.

The partnership plans to grant the underwriters a 30-day option to purchase up to an additional 750,000 common units to cover over-allotments, if any.

Oneok Partners plans to use the net proceeds from the common unit public offering and the general partner’s proportionate capital contribution to reduce the debt outstanding under its $1 billion revolving credit facility and for general partnership purposes.

Tulsa, Oklahoma-based Oneok Partners is engaged in the gathering, processing, storage and transportation of natural gas in the U.S. and owns a natural gas liquids system connecting NGL supply in the Mid-Continent and Rocky Mountain regions with various market centers.

Oneok’s general partner is a wholly owned subsidiary of Oneok, Inc., an energy company that owns 47.7 percent of the partnership. Oneok is a natural gas distributor in the United States, and its energy services operation focuses primarily on marketing natural gas and related services throughout the U.S.

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