OGLETHORPE POWER CORP: debt financing — Oglethorpe Power issues $400M of 6.20% First Mortgage Bonds due 2053

OGLETHORPE POWER CORP

Issued $400M aggregate principal amount of 6.20% First Mortgage Bonds, Series 2023A due December 1, 2053.
Sale expected to close December 5, 2023; bonds sold in private placement under Rule 144A and Regulation S.
Interest payable semi-annually on June 1 and December 1, beginning June 1, 2024.
Bonds redeemable at par plus make-whole premium prior to June 1, 2053; first mortgage lien on substantially all tangible property.
Company agrees to file exchange registration statement within 180 days after issue; Special Interest accrues if registration default occurs.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

OGLETHORPE POWER CORP incurred mortgage of $400,000,000 with MUFG Securities Americas Inc., as representative of the purchasers named therein at 6.20% per annum maturing December 1, 2053.

Instrument: mortgage
Principal: $400,000,000
Counterparty: MUFG Securities Americas Inc., as representative of the purchasers named therein
Rate: 6.20% per annum
Maturity: December 1, 2053
Event: incurrence

Exact text from the filing

On November 28, 2023, we entered into a purchase agreement with MUFG Securities Americas Inc., as representative of the purchasers named therein, with respect to our issuance and sale of an aggregate principal amount of $400,000,000 of 6.20% First Mortgage Bonds, Series 2023A due 2053.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OGLETHORPE POWER CORP entered into Eighty-Seventh Supplemental Indenture with U.S. Bank Trust Company, National Association valued at $400,000,000 6.20% First Mortgage Bonds due 2053 (effective 2023-12-05).

Action: entry
Agreement: credit facility
Counterparty: U.S. Bank Trust Company, National Association
Value: $400,000,000 6.20% First Mortgage Bonds due 2053
Effective: 2023-12-05

Exact text from the filing

We expect the bonds to be issued on December 5, 2023 pursuant to an Indenture dated March 1, 1997 between us, formerly known as Oglethorpe Power Corporation (An Electric Generation & Transmission Corporation), and U.S. Bank Trust Company, National Association, as successor to U.S. Bank National Association, as trustee, as supplemented by the Eighty-Seventh Supplemental Indenture, to be dated as of December 1, 2023, between us and the trustee.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

OGLETHORPE POWER CORP entered into Exchange and Registration Rights Agreement with MUFG Securities Americas Inc. valued at Registration rights for $400,000,000 6.20% First Mortgage Bonds (effective 2023-12-05).

Action: entry
Counterparty: MUFG Securities Americas Inc.
Value: Registration rights for $400,000,000 6.20% First Mortgage Bonds
Effective: 2023-12-05

Exact text from the filing

In connection with the closing of the sale of the bonds, we intend to enter into an exchange and registration rights agreement, to be dated on or about December 5, 2023, with MUFG Securities Americas Inc., as representative of the purchasers identified therein.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OGLETHORPE POWER CORP entered into Purchase Agreement with MUFG Securities Americas Inc. valued at $400,000,000 6.20% First Mortgage Bonds (effective 2023-11-28).

Action: entry
Agreement: notes offering
Counterparty: MUFG Securities Americas Inc.
Value: $400,000,000 6.20% First Mortgage Bonds
Effective: 2023-11-28

Exact text from the filing

On November 28, 2023, we entered into a purchase agreement with MUFG Securities Americas Inc., as representative of the purchasers named therein, with respect to our issuance and sale of an aggregate principal amount of $400,000,000 of 6.20% First Mortgage Bonds, Series 2023A due 2053.

View on SEC.gov

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Source: SEC EDGAR

accession 0001628280-23-040379

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