Oklahoma Gas plans $500 million offering of 2023 notes; talk at Treasuries plus 60 bps area

By Cristal Cody

Chicago, May 24 – Oklahoma Gas & Electric Co. is in the market with a $500 million offering of notes due May 26, 2023, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The notes are being talked in the Treasuries plus 60 basis points area.

Subsidiary OGE Energy is in the market with a separate $500 million offering of notes with the same maturity date and the same bookrunners, with talk in the Treasuries plus 75 bps area.

After a certain point, the notes will be optionally redeemable at par.

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 bookrunners for the notes.

Proceeds will be added to the general funds of the company, to be used for general corporate purposes, including to fund capital expenditures, to repay short-term debt and to refund long-term debt at maturity or otherwise.

The company is an electric utility based in Oklahoma City.

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