DEBT DEBT (Notes)

3 Months Ended

Mar. 31, 2020

DEBT

The following table sets forth our consolidated debt for the periods indicated:



	March 31, 2020			December 31, 2019
	(Thousands of dollars)
Commercial paper outstanding, bearing a weighted-average interest rate of 2.16% as of December 31, 2019	$	—		$	220,000
Senior unsecured obligations:
$1,500,000 term loan, variable rate, due November 2021	1,250,000			1,250,000
$700,000 at 4.25% due February 2022	547,397			547,397
$900,000 at 3.375% due October 2022	900,000			900,000
$425,000 at 5.0% due September 2023	425,000			425,000
$500,000 at 7.5% due September 2023	500,000			500,000
$500,000 at 2.75% due September 2024	500,000			500,000
$500,000 at 4.9% due March 2025	500,000			500,000
$400,000 at 2.2% due September 2025	397,000			—
$500,000 at 4.0% due July 2027	500,000			500,000
$800,000 at 4.55% due July 2028	800,000			800,000
$100,000 at 6.875% due September 2028	100,000			100,000
$700,000 at 4.35% due March 2029	700,000			700,000
$750,000 at 3.4% due September 2029	734,251			750,000
$850,000 at 3.1% due March 2030	821,050			—
$400,000 at 6.0% due June 2035	400,000			400,000
$600,000 at 6.65% due October 2036	600,000			600,000
$600,000 at 6.85% due October 2037	600,000			600,000
$650,000 at 6.125% due February 2041	650,000			650,000
$400,000 at 6.2% due September 2043	400,000			400,000
$700,000 at 4.95% due July 2047	693,405			700,000
$1,000,000 at 5.2% due July 2048	1,000,000			1,000,000
$750,000 at 4.45% due September 2049	747,650			750,000
$500,000 at 4.5% due March 2050	489,625			—
Guardian Pipeline
Weighted average 7.85% due December 2022	19,395			21,307
Total debt	14,274,773			12,813,704
Unamortized portion of terminated swaps	14,603			15,032
Unamortized debt issuance costs and discounts	(135,076		)	(121,329		)
Current maturities of long-term debt	(7,650		)	(7,650		)
Short-term borrowings (a)	—			(220,000		)
Long-term debt	$	14,146,650		$	12,479,757

(a) - Individual issuances of commercial paper under our commercial paper program generally mature in 90 days or less.

$2.5 Billion Credit Agreement - Our $2.5 Billion Credit Agreement is a revolving credit facility and contains certain financial, operational and legal covenants. Among other things, these covenants include maintaining a ratio of indebtedness to adjusted EBITDA (EBITDA, as defined in our $2.5 Billion Credit Agreement, adjusted for all noncash charges and increased for projected EBITDA from certain lender-approved capital expansion projects) of no more than 5.0 to 1 at March 31, 2020. At March 31, 2020, we had no borrowings outstanding, our ratio of indebtedness to adjusted EBITDA was 4.5 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement.

Debt Issuances - In early March 2020, we completed an underwritten public offering of $1.75 billion senior unsecured notes consisting of $400 million, 2.2% senior notes due 2025; $850 million, 3.1% senior notes due 2030; and $500 million, 4.5% senior notes due 2050. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, were $1.73 billion. A portion of the proceeds were used to pay all outstanding amounts under our commercial paper program. The remainder was, and will be, used for general corporate purposes, which may include repayment of other existing indebtedness and funding capital expenditures.

Debt Repayments - In March 2020, we repurchased in the open market $67.0 million outstanding principal of certain of our senior notes for an aggregate repurchase price of $50.5 million with cash on hand. In connection with these open market repurchases, we recognized a $15.8 million gain on extinguishment of debt, which is included in other income in our Consolidated Statement of Income for the three months ended March 31, 2020.

Debt Guarantees - We, ONEOK Partners and the Intermediate Partnership have cross guarantees in place for our and ONEOK Partners’ indebtedness.

For additional discussion of our $2.5 Billion Credit Agreement and our $1.5 Billion Term Loan Agreement, see Note F of the Notes to Consolidated Financial Statements in our Annual Report.