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Oklahoma Gas & Electric plans to pay down revolver with note proceeds
By Wendy Van Sickle
Columbus, Ohio, March 28 – Oklahoma Gas & Electric Co. plans to repay borrowings under its revolving credit facility with some proceeds of an offering of $300 million of fixed-rate senior notes due April 1, 2047, according to a 424B5 filing with the Securities and Exchange Commission.
On Feb. 28, the company had $172.1 million of revolving credit facility borrowings at a weighted average interest rate of 1.57%.
Proceeds of the notes will also be used to redeem the company’s $125 million of 6.5% senior notes at maturity on July 15, 2017 and for working capital.
Bookrunners for the offering are Mizuho Securities USA Inc., RBC Capital Markets Corp. and Wells Fargo Securities LLC.
The electric utility is based in Oklahoma City.
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