New Issue: Oklahoma Gas sells $350 million 5.6% 30-year notes at Treasuries plus 190 bps

By Wendy Van Sickle

Columbus, Ohio, March 21 – Oklahoma Gas & Electric Co. sold $350 million of 5.6% 30-year senior notes (A3/A-/A) on Tuesday at 99.511 to yield 5.634%, or a spread of 190 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

Mizuho Securities USA LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC were the bookrunners.

Proceeds will be added to the company’s general funds for general corporate purposes, including to help fund the repayment of the $500 million 0.553% senior notes due May 26, 2023. General corporate purposes will also include funding a capital investment program and working capital needs.

The electric utility is based in Oklahoma City.

Issuer:	Oklahoma Gas & Electric Co.
Amount:	$350 million
Issue:	Senior notes
Maturity:	April 1, 2053
Bookrunners:	Mizuho Securities USA LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC
Co-managers:	Morgan Stanley & Co. LLC, BofA Securities, Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., MFR Securities, 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:	5.6%
Price:	99.511
Yield:	5.634%
Spread:	Treasuries plus 190 bps
Call feature:	Make-whole call until Oct. 1, 2052 at Treasuries plus 30 bps, then a par call
Trade date:	March 21
Settlement date:	April 3
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A
Distribution:	SEC registered
Cusip:	678858BY6

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