<SEC-DOCUMENT>0001213900-23-065752.txt : 20230811
<SEC-HEADER>0001213900-23-065752.hdr.sgml : 20230811
<ACCEPTANCE-DATETIME>20230810182307
ACCESSION NUMBER:		0001213900-23-065752
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230811
DATE AS OF CHANGE:		20230810

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONEOK INC /NEW/
		CENTRAL INDEX KEY:			0001039684
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
		IRS NUMBER:				731520922
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-272782
		FILM NUMBER:		231161009

	BUSINESS ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103
		BUSINESS PHONE:		9185887000

	MAIL ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WAI INC
		DATE OF NAME CHANGE:	19970519

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONEOK INC /NEW/
		CENTRAL INDEX KEY:			0001039684
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
		IRS NUMBER:				731520922
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103
		BUSINESS PHONE:		9185887000

	MAIL ADDRESS:	
		STREET 1:		100 WEST 5TH ST
		CITY:			TULSA
		STATE:			OK
		ZIP:			74103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WAI INC
		DATE OF NAME CHANGE:	19970519
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<FILENAME>ea183310-fwp_oneok.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B>Filed Pursuant to Rule 433<BR>
Registration&nbsp;No.&nbsp;333-272782<BR>
August 10, 2023</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>ONEOK, INC.<BR>
PRICING TERM SHEET<BR>
$5,250,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$750,000,000 5.550% Notes due 2026<BR>
$750,000,000 5.650% Notes due 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>$500,000,000 5.800% Notes due 2030<BR>
$1,500,000,000 6.050% Notes due 2033<BR>
$1,750,000,000 6.625% Notes due 2053</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="background-color: white"><I>Unless
otherwise indicated, terms used but not defined herein have the meanings assigned to such terms in the preliminary prospectus supplement
dated August&nbsp;8, 2023 (the &ldquo;Preliminary Prospectus Supplement&rdquo;).</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>Issuer:</TD>
    <TD COLSPAN="3">ONEOK, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Guarantors:</TD>
    <TD COLSPAN="3">ONEOK Partners, L.P. and <BR>
ONEOK Partners Intermediate Limited Partnership</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Security Type:</TD>
    <TD COLSPAN="3">Senior Unsecured Notes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Expected Ratings*:</TD>
    <TD COLSPAN="3">Baa2 / BBB / BBB</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Pricing Date:</TD>
    <TD COLSPAN="3">August 10, 2023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Settlement Date**:</TD>
    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0">August 24, 2023 (T+10)</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 16%"><B>5.550% Notes due 2026</B></TD>
    <TD STYLE="width: 15%"><B>5.650% Notes due 2028</B></TD>
    <TD STYLE="width: 15%"><B>5.800% Notes due 2030</B></TD>
    <TD STYLE="width: 16%"><B>6.050% Notes due 2033</B></TD>
    <TD STYLE="width: 16%"><B>6.625% Notes due 2053</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Maturity Date:</TD>
    <TD>November 1, 2026</TD>
    <TD>November 1, 2028</TD>
    <TD>November 1, 2030</TD>
    <TD>September 1, 2033</TD>
    <TD>September 1, 2053</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Principal Amount:</TD>
    <TD>$750,000,000</TD>
    <TD>$750,000,000</TD>
    <TD>$500,000,000</TD>
    <TD>$1,500,000,000</TD>
    <TD>$1,750,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Benchmark Treasury:</TD>
    <TD>4.500% due <BR>
July 15, 2026</TD>
    <TD>4.125% due <BR>
July 31, 2028</TD>
    <TD>4.000% due <BR>
July 31, 2030</TD>
    <TD>3.375% due <BR>
May 15, 2033</TD>
    <TD>3.625% due February 15, 2053</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Benchmark Treasury Price / Yield</TD>
    <TD>99-29 / 4.533%</TD>
    <TD>99-17 &frac34; / 4.225%</TD>
    <TD>98-29+ / 4.180%</TD>
    <TD>94-06 / 4.103%</TD>
    <TD>89-11 / 4.263%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Re-offer Spread to Benchmark Treasury:</TD>
    <TD>+ 105 bps</TD>
    <TD>+ 145 bps</TD>
    <TD>+ 165 bps</TD>
    <TD>+ 195 bps</TD>
    <TD>+ 240 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Yield to Maturity:</TD>
    <TD>5.583%</TD>
    <TD>5.675%</TD>
    <TD>5.830%</TD>
    <TD>6.053%</TD>
    <TD>6.663%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Coupon:</TD>
    <TD>5.550%</TD>
    <TD>5.650%</TD>
    <TD>5.800%</TD>
    <TD>6.050%</TD>
    <TD>6.625%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Public Offering Price:</TD>
    <TD>99.886% of the principal amount</TD>
    <TD>99.869% of the principal amount</TD>
    <TD>99.805% of the principal amount</TD>
    <TD>99.976% of the principal amount</TD>
    <TD>99.507% of the principal amount</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Redemption Provisions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Special Mandatory Redemption:</TD>
    <TD COLSPAN="5">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">If (i) the consummation of the merger with Magellan Midstream
Partners, L.P. (the &ldquo;merger&rdquo;) does not occur on or before the Outside Date, (ii) prior to the Outside Date, the Merger Agreement
is terminated or (iii) the Issuer otherwise notifies the Trustee under the notes that it will not pursue the consummation of the merger,
the Issuer will be required to redeem the notes of each series then outstanding at a redemption price equal to 101% of the principal
amount of the notes to be redeemed plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Make-Whole Call:</TD>
    <TD>T + 20 bps (prior to October 1, 2026)</TD>
    <TD>T + 25 bps (prior to October 1, 2028)</TD>
    <TD>T + 25 bps (prior to September 1, 2030)</TD>
    <TD>T + 30 bps (prior to June 1, 2033)</TD>
    <TD>T + 40 bps (prior to March 1, 2053)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Par Call:</TD>
    <TD>On or after <BR>
October 1, 2026 (one month prior to maturity)</TD>
    <TD>On or after October 1, 2028 (one month prior to maturity)</TD>
    <TD>On or after September 1, 2030 (two months prior to maturity)</TD>
    <TD>On or after <BR>
June 1, 2033 <BR>
(three months prior to maturity)</TD>
    <TD>On or after <BR>
March 1, 2053 <BR>
(six months prior to maturity)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Interest Payment Dates:</TD>
    <TD>May 1 and November 1, commencing May 1, 2024</TD>
    <TD>May 1 and November 1, commencing May 1, 2024</TD>
    <TD>May 1 and November 1, commencing May 1, 2024</TD>
    <TD>March 1 and September 1, commencing March 1, 2024</TD>
    <TD>March 1 and September 1, commencing March 1, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>CUSIP / ISIN:</TD>
    <TD>682680 BH5 / US682680BH51</TD>
    <TD>682680 BJ1 / US682680BJ18</TD>
    <TD>682680 BK8 / US682680BK80</TD>
    <TD>682680 BL6 / US682680BL63</TD>
    <TD>682680 BN2 / US682680BN20</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Joint Book-Running<BR>
Managers:</TD>
    <TD COLSPAN="5">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BofA Securities, Inc.<BR>
    Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Scotia Capital (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">TD Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Senior Co-Managers:</TD>
    <TD COLSPAN="5">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CIBC World Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Regions Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Bancorp Investments, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Co-Managers:</TD>
    <TD COLSPAN="5">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BOK Financial Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Academy Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Loop Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">R. Seelaus &amp; Co., LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">* <FONT STYLE="background-color: white"><B>Note: A securities
rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is
subject to revision or withdrawal at any time by the assigning rating organization.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="background-color: white"><B>**</B></FONT><B>
We expect delivery of the notes will be made against payment therefor on or about the settlement date specified in this pricing term sheet,
which will be the tenth business day following the date of pricing (such settlement being referred to as &ldquo;T+10&rdquo;). Pursuant
to Rule 15c6-1 under the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market are generally required to settle
in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes
on any date prior to two business days before their delivery will be required, by virtue of the fact that the notes will initially settle
in T+10, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the
notes who wish to trade the notes on any date prior to two business days before their delivery should consult their advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The issuer has filed a registration statement (including
a base prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for
the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement for this offering,
the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about
the issuer and this offering. You may get these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at
http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the
prospectus supplement and prospectus if you request it by calling Goldman Sachs &amp; Co. LLC toll-free at 1-866-471-2526; Barclays Capital
Inc. toll-free at 1-888-603-5847; BofA Securities, Inc. <FONT STYLE="background-color: white">toll-free at&nbsp;1-800-294-1322; Citigroup
Global Markets Inc. toll-free at&nbsp;1-800-831-9146; and </FONT>J.P. Morgan Securities LLC <FONT STYLE="background-color: white">collect
at&nbsp;1-212-834-4533</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>No PRIIPs KID. Not for retail investors in the EEA
or the UK. No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Any disclaimers or other notices that may appear below are not applicable
to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication
being sent via Bloomberg or another electronic system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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