New Issue: OG&E prices $400 million 3.8% 10-year notes at 93 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Aug. 14 – Oklahoma Gas & Electric Co. sold $400 million of 3.8% 10-year senior notes on Tuesday at 99.811 to yield 3.823%, according to an FWP filing with the Securities and Exchange Commission.

The notes (A2/BBB+/A) priced with a spread of 93 basis points over Treasuries.

Bookrunners were Mizuho Securities USA Inc., RBC Capital Markets, LLC and Wells Fargo Securities LLC.

Proceeds will be used for general corporate purposes, including to repay $250 million of 6.35% senior notes due Sept. 1, 2018 at maturity and short-term debt, to fund a capital expenditure program and to provide working capital.

The electric utility is based in Oklahoma City.

Issuer:	Oklahoma Gas & Electric Co.
Amount:	$400 million
Description:	Senior notes
Maturity:	Aug. 15, 2028
Bookrunners:	Mizuho Securities USA Inc., RBC Capital Markets, LLC and Wells Fargo Securities LLC
Co-managers:	Drexel Hamilton, LLC, BOK Financial Securities, Inc., KeyBanc Capital Markets Inc. and Morgan Stanley & Co. LLC
Coupon:	3.8%
Price:	99.811
Yield:	3.823%
Spread:	Treasuries plus 93 bps
Call feature:	Make-whole call before Feb. 15, 2028 at Treasuries plus 15 bps; thereafter at par
Trade date:	Aug. 14
Settlement date:	Aug. 17
Ratings:	Moody’s: A2
	S&P: BBB+
	Fitch: A
Distribution:	SEC registered

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