OKLAHOMA CITY — Public Service Co. of Oklahoma received permission from state regulators to issue up to $1.75 billion in unsecured notes.
The cash infusion will be used to “pay down” short-term debt, fund maturing long-term debt, finance PSO’s construction program and replenish its working capital, “refinance outstanding debt on more favorable terms” to achieve net savings, and for “other corporate purposes,” according to Noah K. Hollis, an executive with American Electric Power, parent company of PSO.
The Oklahoma Corporation Commission unanimously approved PSO’s request for a “certificate of authority” on April 4. Oklahoma statute requires an electric utility to seek a Certificate of Authority to issue any debt for a period exceeding 12 months, said Wayne Greene, PSO’s region communications manager.
PSO, a Tulsa-based subsidiary of AEP, serves more than 568,000 customer accounts in 232 communities in eastern and southwestern Oklahoma.