By Wendy Van Sickle
Columbus, Ohio, Jan. 3 – Public Service Co. of Oklahoma sold $475 million of 5.25% 10-year senior notes (Baa1/A-/A-) on Tuesday at a price of 99.69, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a yield of 5.29% and a spread of 150 basis points over Treasuries.
CIBC World Markets Corp., Credit Agricole Securities (USA) Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used to fund the issuer’s construction program and for other general corporate purposes. Other purposes may include redeeming or repurchasing outstanding debt and replenishing working capital.
The issuer is a Tulsa, Okla.-based public utility subsidiary of American Electric Power Co., Inc., which is a Columbus, Ohio-based electricity provider.
| Issuer: | Public Service Co. of Oklahoma
|
| Amount: | $475 million
|
| Issue: | Senior notes
|
| Maturity: | Jan. 15, 2033
|
| Bookrunners: | CIBC World Markets Corp., Credit Agricole Securities (USA) Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC
|
| Co-manager: | Huntington Securities, Inc.
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | In-house
|
| Counsel to underwriters: | Hunton Andrews Kurth LLP
|
| Coupon: | 5.25%
|
| Price: | 99.69
|
| Yield: | 5.29%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps prior to Oct. 15, 2032, then a par call
|
| Pricing date: | Jan. 3
|
| Settlement date: | Jan. 5
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Cusip: | 744533BQ2
|
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