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Long-Term Debt | 9 Months Ended
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Sep. 30, 2024
Long-Term Debt, Unclassified [Abstract] |
Long-Term Debt | 8. Long-Term Debt At September 30, 2024, the Registrants were in compliance with all of their debt agreements. In June 2024, OGE Energy entered into a $120.0 million floating rate unsecured three-year credit agreement, of which $60.0 million is considered a revolving loan and $60.0 million is considered a term loan. At September 30, 2024, OGE Energy had drawn $60.0 million on the term loan under this credit agreement at a weighted-average interest rate of 6.46 percent. 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) |
2.15% |  | - |  | 4.85% |  | Garfield Industrial Authority, January 1, 2025 |  | $ | 47.0 |
1.90% |  | - |  | 4.75% |  | Muskogee Industrial Authority, January 1, 2025 |  |  | 32.4 |
2.15% |  | - |  | 4.85% |  | 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 or Long-Term Debt Due within One Year, as appropriate, in the condensed balance sheets. OG&E believes that it has sufficient liquidity to meet these obligations. On October 2, 2024, OG&E caused the refinancing of its Garfield industrial authority bonds, series due January 1, 2025. The $47.0 million in bonds are now due October 1, 2039, and will continue to be remarketed on a weekly basis. Accounting Standards Codification 470, “Debt,” permits entities to present the currently maturing portion of long‐term debt as a long‐term liability if the entity has the intent and ability to refinance on a long-term basis after the balance sheet date but before the financial statements are issued. The refinancing of the Garfield industrial authority bonds on October 2, 2024 supports the presentation of the $47.0 million due January 1, 2025 as long-term debt as of September 30, 2024. Issuance of Long-Term Debt On May 9, 2024, OGE Energy issued $350.0 million of 5.45 percent senior notes due May 15, 2029. The proceeds from this issuance were added to OGE Energy's general funds to be used for general corporate purposes and to repay short-term debt. On August 15, 2024, OG&E issued $350.0 million of 5.60 percent senior notes due April 1, 2053, bringing the aggregate total principal amount of this series of senior notes to $700.0 million. The proceeds from this issuance were added to OG&E's general funds to be used for repayment of short-term debt and borrowings under OG&E's revolving credit agreement, and to fund OG&E's capital investment program and working capital needs.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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