ONEOK Completes $450M Stock Repurchase Program
ONEOK (NYSE: OKE) today announced that it has completed its $150 million accelerated share repurchase agreement with Goldman, Sachs & Co. that was announced June 12, 2012.
Under the terms of the accelerated repurchase agreement, Goldman Sachs delivered approximately 2.9 million shares to ONEOK on June 12, 2012, and approximately an additional 545,000 shares Sept. 17, 2012, to complete the accelerated share repurchase agreement.
"By completing our previously announced share repurchase program for this year, we provided immediate value to our shareholders and further solidified our position as an attractive investment option to investors," said John W. Gibson, ONEOK chairman and chief executive officer.
The accelerated share repurchase was funded by the company's available cash and short-term borrowings.
Based on this completed stock repurchase program, the company expects the 2012 weighted average diluted shares outstanding to be approximately 211 million.
The accelerated share repurchase was completed under the company's previously approved three-year stock repurchase program in which the company's board of directors authorized the company to buy up to $750 million of the company's issued and outstanding common stock, subject to the limitation that purchases will not exceed $300 million in any one calendar year. To date, the company has repurchased $450 million of ONEOK common stock under the program. The program will terminate upon completion of the repurchase of $750 million of common stock or Dec. 31, 2013, whichever occurs first.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.