ONEOK, Inc. has launched cash tender offers covering 20 series of outstanding debt securities, with purchases capped at $2 billion unless the company changes the limit. The offers form part of a broader plan to retire $5 billion of senior debt and are being carried out alongside a restructuring involving Apollo Global Management, Inc. Apollo is converting its $9 billion stake in ONEOK into investment-grade debt securities through newly created ONEOK Holdings, structured as a minority equity investment below ONEOK’s existing obligations. The arrangement is intended to raise capital without conventional borrowing and without jeopardizing ONEOK’s BBB credit rating. Proceeds will help fund ONEOK’s $4.4 billion acquisition of Brazos Midstream Holdings’ West Texas natural-gas operations and repay existing obligations. Holders tendering by September 14, 2026, may receive an early-tender payment plus accrued interest, while tenders through September 29 receive a lower payment excluding the early premium. Completion depends in part on Apollo’s investment and related merger and debt-assumption transactions.