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Long-Term Debt | 9 Months Ended
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Sep. 30, 2023
Long-Term Debt, Unclassified [Abstract] |
Long-Term Debt | 8. Long-Term Debt At September 30, 2023, the Registrants were in compliance with all of their debt agreements. In 2021, OGE Energy issued $500.0 million of 0.703 percent Senior Notes, and OG&E issued $500.0 million of 0.553 percent Senior Notes. The Reg istrants repaid eac h of the $500.0 million Senior Notes that matured on May 26, 2023. In January 2023, OG&E issued $450.0 million of 5.40 percent Senior Notes due January 15, 2033, and i n April 2023, OG&E issued $350.0 million of 5.60 percent Senior Notes due April 1, 2053. The proceeds from these issuances were added to OG&E's general funds to be used for general corporate purposes, including to help fund the repayment of its $500.0 million of 0.553 percent Senior Notes that matured on May 26, 2023 and the funding of its capital investment program and working capital needs. OGE Energy has a $100.0 million floating rate unsecured three-year credit agreement, of which $50.0 million is considered a revolving loan and $50.0 million is considered a term loan. During the three and nine months ended September 30, 2023, the interest rate for the $50.0 million drawn on the term loan under this credit agreement ranged from 6.125 percent to 6.375 percent and 5.375 percent to 6.375 percent, respectively. For additional information related to this credit agreement, see Note 9. OG&E Industrial Authority Bonds OG&E has tax-exempt pollution control bonds with optional redemption provisions that allow the holders to request repayment of the bonds on any business day. The following table presents information about these bonds, which can be tendered at the option of the holder during the next 12 months.
Series |  | Date Due |  | Amount |
|  |  |  |  |  |  |  | (In millions) |
1.85% |  | - |  | 4.60% |  | Garfield Industrial Authority, January 1, 2025 |  | $ | 47.0 |
1.85% |  | - |  | 4.60% |  | Muskogee Industrial Authority, January 1, 2025 |  |  | 32.4 |
1.85% |  | - |  | 4.60% |  | Muskogee Industrial Authority, June 1, 2027 |  |  | 56.0 |
Total (redeemable during next 12 months) |  | $ | 135.4 |
All of these bonds are subject to an optional tender at the request of the holders, at 100 percent of the principal amount, together with accrued and unpaid interest to the date of purchase. The bond holders, on any business day, can request repayment of the bond by delivering an irrevocable notice to the tender agent stating the principal amount of the bond, payment instructions for the purchase price and the business day the bond is to be purchased. The repayment option may only be exercised by the holder of a bond for the principal amount. When a tender notice has been received by the trustee, a third-party remarketing agent for the bonds will attempt to remarket any bonds tendered for purchase. This process occurs once per week. Since the original issuance of these series of bonds in 1995 and 1997, the remarketing agent has successfully remarketed all tendered bonds. If the remarketing agent is unable to remarket any such bonds, OG&E is obligated to repurchase such unremarketed bonds. As OG&E has both the intent and ability to refinance the bonds on a long-term basis and such ability is supported by an ability to consummate the refinancing, the bonds are classified as Long-Term Debt in the condensed balance sheets. OG&E believes that it has sufficient liquidity to meet these obligations.

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