Oneok Repurchases $300 Million Of Common Stock

ONEOK, Inc. OKE today announced that it has entered into a $300 million accelerated share repurchase agreement with Barclays Capital. Under terms of the accelerated repurchase agreement, Barclays Capital borrowed the shares sold to ONEOK and will purchase shares in the open market to settle its borrowings. ONEOK immediately repurchased 4.3 million shares from Barclays Capital based on today's closing stock price of $69.08, of which 85 percent of the shares will be retired immediately. The company's repurchase is subject to, among other things, an adjustment based on the volume-weighted average price, less a discount, of the shares over the course of a repurchase period that expires on or before the end of 2011.