New Issue: OG&E sells $450 million 5.4% 10-year notes at Treasuries plus 165 bps

By Wendy Van Sickle

Columbus, Ohio, Jan. 3 – Oklahoma Gas & Electric Co. sold $450 million of 5.4% 10-year senior notes (A3/A-/A) on Tuesday at 99.692 to yield 5.44%, or a spread of 165 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.

Proceeds will be used for general corporate purposes, including to help fund the repayment of the company’s $500 million 5.4% senior notes due May 26, 2023 and funding for the company’s capital investment program and working capital needs.

The electric utility is based in Oklahoma City.

Issuer:	Oklahoma Gas & Electric Co.
Amount:	$450 million
Issue:	Senior notes
Maturity:	Jan. 15, 2033
Bookrunners:	J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and U.S. Bancorp Investments, Inc.
Co-managers:	BofA Securities, Inc., KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and BOK Financial Securities, Inc.
Trustee:	BOKF, NA
Counsel to issuer:	GableGotwals and Husch Blackwell LLP
Counsel to underwriters:	Chapman and Cutler LLP
Coupon:	5.4%
Price:	99.692
Yield:	5.44%
Spread:	Treasuries plus 165 bps
Call features:	Make-whole call at Treasuries plus 25 bps at any time before July 15, 2032, thereafter at par
Trade date:	Jan. 3
Settlement date:	Jan. 5
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A
Distribution:	SEC registered
Cusip:	678858BX8

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