By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, May 24 – Oklahoma Gas & Electric Co. sold $500 million of 0.553% two-year senior notes on Monday at par to yield 40 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
Initial talk on the notes (A3/A-/A) was in the 60 bps over Treasuries area, according to a market source.
J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.
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 electric utility is based in Oklahoma City.
| Issuer: | Oklahoma Gas & Electric Co.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | May 26, 2023
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| 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.
|
| Coupon: | 0.553%
|
| Price: | Par
|
| Yield: | 0.553%
|
| Spread: | Treasuries plus 40 bps
|
| Call feature: | Par call starting Nov. 26, 2021
|
| Trade date: | May 24
|
| Settlement date: | May 27
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 60 bps area
|
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