Loan & DebtJun 15, 2026, 04:37 PM
OGE Energy Corp. Secures New $1.3B Revolving Credit Facilities
AI Summary
OGE Energy Corp. and its subsidiary, Oklahoma Gas and Electric Company (OG&E), have entered into new second amended and restated credit agreements for unsecured five-year revolving credit facilities. OGE Energy's facility is $650 million, and OG&E's facility is also $650 million, both replacing previous facilities set to mature in 2029. The new facilities are scheduled to terminate in June 2031, with options for a one-year extension twice, subject to lender consent. Interest rates are based on SOFR or an alternate base rate, with applicable margins and facility fees dependent on credit ratings. Both facilities include covenants, such as a maximum debt to capitalization ratio.
Key Highlights
- OGE Energy Corp. and its subsidiary OG&E entered into new unsecured five-year revolving credit facilities.
- OGE Energy's facility is $650 million, replacing a $550 million facility maturing in 2029.
- OG&E's facility is $650 million, also replacing a $550 million facility maturing in 2029.
- Both facilities have an option to extend the termination date by one year, up to two times, subject to lender consent.
- Borrowings under OGE Energy's facility will bear interest at SOFR + 0.80%-1.475% or alternate base rate + 0.0%-0.475%.
- Borrowings under OG&E's facility will bear interest at SOFR + 0.69%-1.275% or alternate base rate + 0.0%-0.275%.
- Each facility has a financial covenant requiring a maximum debt to capitalization ratio of 70% for OGE Energy and 65% for OG&E.
Price Impact
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