OGE Energy and OG&E amend $550M credit facilities; extend to 2027, switch to SOFR, raise leverage covenant

OGE ENERGY CORP.

Amendment extends each $550M facility by one year to December 2027, with options for two further one-year extensions.
LIBOR replaced with forward-looking term SOFR rate (Adjusted Term SOFR) in both credit agreements.
OGE Energy's permitted leverage ratio increased from 0.65:1.0 to 0.70:1.0.
Amendment does not change total commitment amount or other key terms; no new borrowings reported.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

OGE ENERGY CORP. amended First Amendment to the Revolving Credit Facilities with Lenders under the revolving credit facilities valued at Extended the term to December 2027, replaced LIBOR with SOFR Rate, increased permitted Leverage Rati (effective 2022-12-19).

Action: amendment
Agreement: credit facility
Counterparty: Lenders under the revolving credit facilities
Value: Extended the term to December 2027, replaced LIBOR with SOFR Rate, increased permitted Leverage Rati
Effective: 2022-12-19

Exact text from the filing

On December 19, 2022, OGE Energy and OG&E each entered into a First Amendment (collectively the "Amendment") to the revolving credit facilities (as amended, collectively the "Credit Agreement"). The Amendment extends the term of each credit facility for one year, until December 2027.

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OGE ENERGY CORP. filing history →

Source: SEC EDGAR

accession 0000950170-22-026730

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