OGE Energy gets $550m credit line

OGE Energy Corp has arranged two new revolving credit facilities totaling $550 million with a 16-bank group led by Wachovia Securities and JP Morgan Securities. The facilities replace $400 million of existing credit lines due to expire this year.

One facility provides up to $450 million to OGE Energy; the other up to $100 million to the company’s utility subsidiary, Oklahoma Gas and Electric Company (OG&E). Each of the credit lines has a five-year term with two options to extend the term for one year.

The companies plan to use the credit for general corporate purposes, back-up for commercial paper programmes and issuing letters of credit.

OGE Corp is the parent company of OG&E, a regulated electric utility, and of Enogex, a natural

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