ONEOK expands credit to continue acquisitions

Saturday, September 18th 2004, 5:49 pm

By: News On 6

OKLAHOMA CITY (AP) _ ONEOK Incorporated wants to be able to continue acquiring assets, so it has raised its credit limit and extended the term from one year to five in a new credit agreement.

The agreement is worth up to one-point-two (b) billion dollars. The deal extends the credit that ONEOK has had for the past six years with a group of 15 banks.

ONEOK is a Tulsa-based natural gas company.

Spokesman Weldon Watson says the company is always looking for new assets to buy. On Thursday, ONEOK said it would buy Northern Plains Natural Gas Company.

Tulsa money manger Jake Dollarhide believes ONEOK's new line of credit shows how the natural gas industry is improving its economic lot.