OKLAHOMA CITY, June 27 /PRNewswire-FirstCall/ - OGE Energy Corp.
(NYSE: OGE) today announced that its wholly owned subsidiary, OGE Enogex
Partners L.P., has filed a registration statement on Form S-1 with the U.S.
Securities and Exchange Commission relating to a proposed initial public
offering of its common units. Application will be made to list the common
units on the New York Stock Exchange under the symbol "OGP."
OGE Enogex Partners is a Delaware limited partnership recently formed by
OGE Energy to further develop its natural gas midstream assets and operations.
The proposed initial public offering will include 7.5 million common units,
representing approximately 34.1 percent of the aggregate ownership interest in
OGE Enogex Partners. After the offering, OGE Energy will indirectly own common
units, subordinated units and a general partner interest that collectively
will represent approximately 65.9 percent of the aggregate ownership interest
in OGE Enogex Partners. The public offering will increase to 8.625 million
common units if the underwriters exercise in full their option to purchase
additional units, which would reduce OGE Energy's aggregate ownership interest
in OGE Enogex Partners to approximately 62.7 percent.
Following the closing of the proposed offering, OGE Enogex Partners will,
in turn, own a 25 percent interest in and control OGE Energy's natural gas
pipeline subsidiary, Enogex Inc. (Enogex). OGE Energy will retain a 75
percent interest in Enogex.
Enogex is engaged in natural gas gathering, processing, transportation,
storage and marketing. The system includes about 7,800 miles of pipe, six
processing plants, and 23 billion cubic feet of storage capacity with
operations based in Oklahoma City. OGE Energy also is the parent company of
Oklahoma Gas and Electric Company (OG&E), a regulated electric utility serving
more than 758,000 customers in a service territory spanning 30,000 square
miles in Oklahoma and western Arkansas.
UBS Investment Bank and Lehman Brothers will act as joint book-running
managers of the proposed offering. The offering of common units will be made
only by means of a prospectus. A written prospectus meeting the requirements
of Section 10 of the Securities Act of 1933, when available, may be obtained
from the offices of UBS Securities LLC, Prospectus Department, 299 Park
Avenue, New York, New York 10171, (212) 821-3000 or Lehman Brothers Inc., c/o
Broadridge, 1155 Long Island Avenue, Edgewood, NY 11717, (888) 603-5847.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective. These
securities may not be sold, nor may offers to buy be accepted prior to the
time the registration statement becomes effective. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any state in which such offer, sale
or solicitation would be unlawful prior to registration or qualification under
the securities law in any such state.
Portions of this announcement may constitute "forward-looking statements"
as defined by federal law. Although the company believes any such statements
are based on reasonable assumptions, there is no assurance that actual
outcomes will not be materially different. Any such statements are made in
reliance on the "safe harbor" protections provided under the Private
Securities Reform Act of 1995. Additional information about issues that could
lead to material changes in performance is contained in the company's annual
reports filed with the Securities and Exchange Commission.
SOURCE OGE Energy Corp.
CONTACT: Brian Alford, +1-405-553-3187, or Todd Tidwell, Financial
Contact, +1-405-553-3966, both of OGE Energy Corp.
Web site: http://www.oge.com