ONE Gas (OGS) prices 2 million share offering

ONE Gas, Inc. (NYSE: OGS) announced today that it has priced its public offering of 2,000,000 shares of its common stock for approximate gross proceeds of $153,800,000 (before offering expenses and underwriting discounts and commissions and assuming the underwriter does not exercise its option to purchase additional shares). In connection with the offering, ONE Gas entered into a forward sale agreement with Bank of America, N.A., referred to in such capacity as the forward purchaser. In connection with the forward sale agreement, the forward purchaser or its affiliate, acting as forward seller, at ONE Gas' request, is borrowing from third parties and selling 2,000,000 shares of ONE Gas' common stock to the underwriter in the offering in connection with the forward sale agreement described below. As part of the offering, ONE Gas has granted to the underwriter an option to purchase up to 300,000 additional shares of ONE Gas' common stock. If such option is exercised, ONE Gas may, in its sole discretion, enter into an additional forward sale agreement with the forward purchaser with respect to such additional shares, and ONE Gas currently expects that, if such option is exercised, it will do so. The offering is expected to close on March 13, 2023, subject to satisfaction of customary conditions to closing.

BofA Securities is acting as the sole underwriter for the offering and proposes to offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

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