OGE agrees to new revolving credit arrangement

Rates will not rise under settlement with OG&E | The Journal Record

 

Oklahoma Gas & Electric Corp. and OG&E have entered into new unsecured five-year revolving credit facilities according to a late December filing with the U.S. Securities Exchange Commission.

The filing indicated the new facilities are scheduled to terminate Dec. 17, 2026 but each of OGE Energy and OG&E also have the right to request an extension of the revolving credit facility.

OGE Energy’s $550 million new facility is with Wells Fargo Bank, National Association, as Agent, JPMorgan Chase Bank, N.A. and Mizuho Bank, Ltd., as Co-Syndication Agents, MUFG Union Bank, N.A., Royal Bank of Canada and U.S. Bank National Association, as Co-Documentation Agents, and the several lenders from time to time parties thereto.

OGE Energy’s New Facility replaced its current $450 million revolving credit facility entered into on March 8, 2017, which was replaced on the Closing Date. OGE Energy’s old facility was set to expire on March 8, 2024. As of the Closing Date, there were no borrowings outstanding under OGE Energy’s replaced facility or OGE Energy’s New Facility.

OG&E’s $550 million New Facility is with Wells Fargo Bank, National Association, as Agent, JPMorgan Chase Bank, N.A. and Mizuho Bank, Ltd., as Co-Syndication Agents, MUFG Union Bank, N.A., Royal Bank of Canada and U.S. Bank National Association, as Co-Documentation Agents, and the several lenders from time to time parties thereto.

OG&E’s New Facility replaced its current $450 million revolving credit facility entered into on March 8, 2017, which was replaced on the Closing Date. OG&E’s old facility was set to expire on March 8, 2024. As of the Closing Date, there were no revolving loan borrowings outstanding, and $0.4 million of standby letters of credit outstanding, under OG&E’s old facility.

Each of the New Facilities contains a mechanism which, subject to approval by the respective borrower, the sustainability structuring agent, and the required lenders, permits a reduction in the applicable margin and/or facility fees if the respective borrower meets certain environmental, social and governance targets.

Source: SEC filing

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