TULSA, Okla. (AP) -- Energy company Oneok Inc. said Tuesday that it entered into a $150 million accelerated stock buyback agreement with Goldman, Sachs & Co.
Under terms of the deal, Tulsa, Okla.-based Oneok immediately repurchased about 3.6 million shares from the investment bank based on its Monday's closing stock price of $41.19. Of those shares, 80 percent of them will be received immediately, the company said.
Oneok said the deal, which was funded with available cash and short-term debt, marks the second buyback of shares under the company's ongoing stock buyback program and is part of its efforts to boost value for shareholders.
The company's board previously approved the repurchase of up to $750 million of common stock over a three-year period, with the restriction that the repurchases don't exceed $300 million in any one calendar year.
In August 2011, Oneok completed a $300 million accelerated stock buyback under the program. The program will end once $750 million in stock is repurchased, or on Dec. 31, 2013, whichever comes first, the company said.
Oneok shares rose 18 cents to $41.37 in morning trading.