Debt Markets

On September 8, 2025, Millrose Properties, Inc. announced the pricing of a $750 million private offering of 6.25% Senior Notes due 2032, an upsize of $250 million. Proceeds will repay a $500 million term loan and be used for general corporate purposes. The offering, expected to close September 11, 2025, is targeted at qualified institutional buyers and non-U.S. persons, as the notes are not registered under the Securities Act. The 6.25% coupon reflects market conditions and investor confidence in Millrose’s strategy of developing residential land for home builders.

ONEOK (OKE) announced the pricing of a $3.0 billion senior notes offering. The offering includes tranches of 7-year, 10-year, and 30-year notes. Net proceeds, estimated at $2.96 billion, will be used to retire commercial paper and repay senior notes due in 2025. Remaining funds will go towards general corporate purposes, potentially including further debt reduction. The offering is expected to close around August 12, 2025. Several major financial institutions are involved as joint book-running managers and co-managers.