DEBT DEBT (Notes)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt [Text Block]

DEBT

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

	September 30, 2021		December 31, 2020
	(Thousands of dollars)
Commercial paper outstanding	$	—	$	—
Senior unsecured obligations:
$700,000 at 4.25% due February 2022	536,107		541,877
$900,000 at 3.375% due October 2022	895,814		895,814
$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	387,000		387,000
$600,000 at 5.85% due January 2026	600,000		600,000
$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	714,251		714,251
$850,000 at 3.1% due March 2030	780,093		780,093
$600,000 at 6.35% due January 2031	600,000		600,000
$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	689,006		689,006
$1,000,000 at 5.2% due July 2048	1,000,000		1,000,000
$750,000 at 4.45% due September 2049	672,530		713,676
$500,000 at 4.5% due March 2050	443,015		451,270
$300,000 at 7.15% due January 2051	300,000		300,000
Guardian Pipeline
Weighted average 7.85% due December 2022	—		13,657
Total debt	14,292,816		14,361,644
Unamortized portion of terminated swaps	12,025		13,314
Unamortized debt issuance costs and discounts	(128,267)		(138,887)
Current maturities of long-term debt	(536,107)		(7,650)
Long-term debt	$	13,640,467	$	14,228,421

$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 September 30, 2021. At September 30, 2021, we had no outstanding borrowings, our ratio of indebtedness to adjusted EBITDA was 4.3 to 1, and we were in compliance with all covenants under our $2.5 Billion Credit Agreement.

Debt Repayments - On November 1, 2021, we redeemed the remaining $536.1 million of our $700 million, 4.25% senior notes due February 2022 at 100% of the principal amount, plus accrued and unpaid interest, with cash on hand and short-term borrowings. As of October 31, 2021, we had $150 million of short-term borrowings outstanding.

In June 2021, we repaid the remaining $11.7 million of Guardian Pipeline’s senior notes due December 2022 with cash on hand.

In the first quarter 2021, we repurchased in the open market outstanding principal of certain of our senior notes in the amount of $55.2 million for an aggregate repurchase price of $54.6 million with cash on hand.

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