OGE Energy prices 8 million share offering at $43 each

OGE Energy Corp. (NYSE: OGE) priced a public offering of 8,023,256 shares of common stock at $43.00 per share, the Oklahoma City-based utility company announced.

The offering consists of 4,011,628 shares issued directly by OGE Energy and 4,011,628 shares sold by forward sellers through borrowed stock arrangements. The company granted underwriters an option to purchase up to 1,203,488 additional shares.

Morgan Stanley and J.P. Morgan serve as joint lead bookrunners, with Mizuho, MUFG, RBC Capital Markets and Wells Fargo Securities acting as bookrunners. The offering is expected to close on November 24, 2025.

OGE Energy entered into forward sale agreements with Morgan Stanley & Co. LLC and JPMorgan Chase Bank, setting an initial forward sale price of $41.71 per share for the borrowed shares portion. Settlement of these agreements is expected within 18 months of the offering completion.

The company plans to use net proceeds from its direct share sales to fund capital expenditures, including the Horseshoe Lake generating units 13 and 14 and the Ft. Smith to Muskogee transmission line. The funds will also support general corporate purposes, including debt repayment or refinancing.

OGE Energy will not initially receive proceeds from the forward sellers' portion but intends to use any net proceeds from forward agreement settlements for similar purposes.

The company operates as the parent of OG&E, a regulated electric utility serving approximately 910,000 customers in Oklahoma and western Arkansas.

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