OGE Energy to sell $500 million two-year notes talked at Treasuries plus 75 bps area

By Cristal Cody

Chicago, May 24 – OGE Energy Corp. announced the company is in the market with a $500 million offering of notes due May 26, 2023 (BBB), according to a 424B5 filing with the Securities and Exchange Commission.

The notes are being talked in the Treasuries plus 75 basis points area, a market source told Prospect News.

Initially, it was reported as the Treasuries plus 60 bps area, but that talk applies to a separate $500 million issue being issued by Oklahoma Gas & Electric Co.

The notes will have an optional redemption provision at par after a certain time.

J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC are joint bookrunners for the offering.

Proceeds will be used for general corporate purposes, including to fund operating units and subsidiaries and to repay short-term debt.

The issuer is a subsidiary of electric utility Oklahoma Gas & Electric Co., based in Oklahoma City.

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