OGE Energy, Oklahoma Gas amend, extend revolvers totaling $1.1 billion

By William Gullotti

Buffalo, N.Y., Dec. 19 – OGE Energy Corp. and its subsidiary, Oklahoma Gas & Electric Co., each amended and extended their five-year revolving credit facilities on Dec. 19, according to an 8-K filing with the Securities and Exchange Commission.

Each borrower extended the term of its respective revolver to Dec. 17, 2027 from Dec. 17, 2026, in each case retaining the two one-year extension options as provided in the initial agreements.

Each amended revolver replaced Libor with SOFR.

Borrowings from OGE’s amended revolver bear interest at SOFR plus a margin ranging from 80 basis points to 147.5 bps. The amended Oklahoma Gas revolver’s margin ranges from 69 bps to 127.5 bps.

In each case, the margin is determined by the respective borrower’s credit rating.

The amendment to OGE’s revolver also increased its maximum permitted leverage ratio to 0.7 to 1.0 from 0.65 to 1.0.

No further changes were made to either revolver, each retaining their original $100 million sublimits for letters of credit and $150 million accordion features.

Each revolver has Wells Fargo Bank, NA as administrative agent, with Wells Fargo Securities, LLC, JPMorgan Chase Bank, NA, Mizuho Bank, Ltd., MUFG Bank, Ltd., RBC Capital Markets and U.S. Bank NA as joint lead arrangers and joint bookrunners.

The electric utilities are based in Oklahoma City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.