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Enogex gets $250 million term loan due 2015 at Libor plus 150 bps
By Angela McDaniels
Tacoma, Wash., Aug. 7 - Enogex LLC entered into a $250 million term loan due Aug. 2, 2015 on Aug. 2, according to an 8-K filing made with the Securities and Exchange Commission by OGE Energy Corp.
The initial interest rate is Libor plus 150 basis points. The margin over Libor ranges from 125 bps to 200 bps based on the company's long-term debt ratings.
JPMorgan Chase Bank, NA is the administrative agent. Wells Fargo Bank, NA is the documentation agent. Union Bank, NA and U.S. Bank NA are the co-syndication agents. J.P. Morgan Securities LLC acted as arranger and bookrunner.
The company said the credit agreement contains substantially the same terms and covenants as the revolving credit facility that it entered into on Dec. 13, 2011.
The credit agreement caps Enogex's ratio of consolidated funded debt to consolidated EBITDA at 5 times.
Oklahoma City-based OGE Energy is the parent company of OGE Enogex Holdings LLC, a midstream natural gas pipeline business, and Oklahoma Gas and Electric Co. Enogex is a majority-owned subsidiary of OGE Enogex Holdings.
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