By Andrea Heisinger
Omaha, Jan. 28 - Oklahoma Gas & Electric Co. priced $200 million 6.45% 30-year senior notes on Monday to yield Treasuries plus 220 basis points, market sources said.
The notes (A2/BBB+) have a price of 99.461 to yield 6.491%. They have a make-whole call at Treasuries plus 35 bps.
The notes priced at the tight end of price talk, which was 220 bps to 225 bps more than Treasuries, a source said.
RBS Greenwich Capital Markets and BNY Capital Markets were the bookrunners.
Co-managers were KeyBank Capital Markets Inc., Mizuho Securities USA Inc., Piper Jaffray & Co., UMB Financial Services Inc. and Wedbush Morgan Securities Inc.
Proceeds will be used to repay commercial paper, including borrowings incurred to fund the construction of Centennial Wind Farm, and for general corporate purposes.
The public utility is based in Oklahoma City.
| Issuer: | Oklahoma Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $200 million
|
| Maturity: | Feb. 1, 2038
|
| Bookrunners: | RBS Greenwich Capital Markets, BNY Capital Markets
|
| Co-managers: | KeyBank Capital Markets Inc., Mizuho Securities USA Inc., Piper Jaffray & Co., UMB Financial Services Inc., Wedbush Morgan Securities Inc.
|
| Coupon: | 6.45%
|
| Price: | 99.461
|
| Yield: | 6.491%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | Jan. 28
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: BBB+
|
| Price talk: | 220 to 225 bps
|
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