11/14/2013
PSO, Oklahoma Banks Partner to Strengthen Regional Economy

TULSA, Ok. (Nov. 14, 2013) – Public Service Company of Oklahoma (PSO), a subsidiary of American Electric Power (NYSE: AEP), today announced a financing partnership that will promote regional economic development and provide financing to fund PSO’s ongoing capital needs.

PSO teamed up with regional and local banks to develop a senior unsecured three-year term loan to provide $100 million financing for PSO’s increasing electric system assets to serve its customers.

“This financing strategy is a true win-win,” said Stuart Solomon, president and chief operating officer for PSO. “It provides PSO with financing on competitive terms to support our ongoing efforts to provide reasonably priced, safe and reliable electric service. Plus, doing business with Oklahoma banks promotes stronger local economies in the communities we serve.”

Nine Oklahoma banks that have a substantial presence in PSO’s service territory are participating in the financing:

  • BOK Financial, lead agent
  • BancFirst Corporation
  • Arvest Bank
  • MidFirst Bank
  • The First National Bank and Trust Co. of Chickasha
  • The Bank, N.A. (McAlester)
  • Citizens Security Bank (Bixby)
  • First National Bank & Trust Co. (Lawton)
  • First National Bank & Trust Co. of Okmulgee

Having Oklahoma banks provide financing for large-scale capital utility assets expands more traditional financing strategies employed by PSO. Historically, the opportunity to finance PSO assets was limited to large national financial institutions with global portfolios and traditional capital markets.

“Raising capital within our service territory with this type of loan makes good business sense,” remarked David Sartin, vice president of Regulatory and Finance for PSO. ”This transaction allows us to diversify our lender base and provide needed financing with debt that is shorter-term than we typically use. In the process, we’ve established new relationships with banks operating within our service territory. We look forward to growing even stronger relationships with our new banking partners.”

PSO has a stable investment grade credit rating. The company estimates several hundred million dollars will be needed over the next three years to support its growing asset base including environmental controls on power plants, new customer connections, system reliability, and smart grid technologies.

Dan Ellinor, senior executive vice president and head of commercial banking at BOK Financial noted, “We believe this is an excellent opportunity for us to partner with other Oklahoma banks on a project which will improve and grow the power grid. PSO is setting an example for others on how bringing together financial partners within the state can lead to investment in all our communities.”

PSO, a unit of American Electric Power (NYSE: AEP), is an electric utility company serving approximately 540,000 customers in eastern and southwestern Oklahoma. Based in Tulsa, PSO has 4,269 megawatts of generating capacity, and is a significant provider of wind energy in the state. News releases and other information about PSO can be found online at PSOklahoma.com.

American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5.3 million customers in 11 states. AEP ranks among the nation’s largest generators of electricity, owning nearly 38,000 megawatts of generating capacity in the U.S. AEP also owns the nation’s largest electricity transmission system, a 40,000-mile network that includes more 765 kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP’s transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP’s utility units operate as AEP Ohio, AEP Texas,
Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP’s headquarters are in Columbus, Ohio.

 

 

 

 

Stan Whiteford
Corporate Communications
(918) 599-2574
sawhiteford@aep.com

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Privacy Policy for Public Service Company of Oklahoma (PSO), a unit of American Electric Power (AEP)

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This policy was last revised on December 13, 2017.

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