By Cristal Cody
Chicago, May 24 – OGE Energy Corp. sold a $500 million offering of 0.703% two-year senior notes (Baa1/BBB/BBB+) on Monday at par, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of 55 basis points over Treasuries. Pricing came low to talk provided by a market source in the Treasuries plus 75 bps area.
The notes will have an optional redemption provision at par after Nov. 26.
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.
| Issuer: | OGE Energy Corp.
|
| Issue: | Senior notes
|
| Amount: | $500 million
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| Maturity: | May 26, 2023
|
| Bookrunners: | J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Co-manager: | BOK Financial Securities Inc.
|
| Trustee: | BOKF, NA
|
| Coupon: | 0.703%
|
| Price: | Par
|
| Yield: | 0.703%
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| Spread: | Treasuries plus 55 bps
|
| Call features: | After Nov. 26, 2021 at par
|
| Trade date: | May 24
|
| Settlement date: | May 27
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 75 bps area
|
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