The agreement is with a syndicate of 15 banks led by Bank of America and Citibank, and replaces an expiring 364-day, $850 million credit agreement. The deal was oversubscribed by more than $300 million in credit commitments, and Oneok has the option of increasing the credit line to $1.2 billion if necessary.

The company will use the new funding for new acquisitions or other purposes, says Oneok analyst Weldon Watson. However, Oneok will not draw on the facility for the Northern Plains