FWP 1 a16-8435_3fwp.htm FWP

 

Filed Pursuant to Rule 433

Registration No. 333-192954

April 15, 2016

 

PRICING TERM SHEET
(Relating to the Preliminary Prospectus Supplement dated April 15, 2016
and the Prospectus dated January 31, 2014)

 

Issuer:

 

Oglethorpe Power Corporation (An Electric Membership
Corporation) (“OGLETH”)

Security:

 

4.25% First Mortgage Bonds, Series 2016 A due 2046

Ratings:*

 

Moody’s:

Baa1 (Stable Outlook)

 

 

Standard & Poor’s:

A (Negative Outlook)

 

 

Fitch:

A (Negative Outlook)

Size:

 

$250,000,000

Price to Public:

 

98.370%

Maturity Date:

 

April 1, 2046

Treasury Benchmark

 

3.00% due November 15, 2045

Treasury Price and Yield:

 

Price: 109-11+
Yield: 2.548%

Spread to Treasury:

 

T + 180 basis points

Re-offer Yield:

 

4.348%

Make-Whole Call:
Par Call:

 

T + 30 basis points prior to October 1, 2045
100% any date on or after October 1, 2045

Coupon:

 

4.25%

Interest Payment Dates:

 

April 1 and October 1 of each year beginning October 1, 2016

Format:

 

SEC Registered

Denominations:

 

$1,000 and any integral multiple thereof

CUSIP:

 

677050AL0

ISIN Number:

 

US677050AL09

Trade Date:

 

April 15, 2016

Expected Settlement Date:

 

April 21, 2016 (T+4)

Underwriters’ Discount

 

0.875%

Joint Book Runners

 

Mitsubishi UFJ Securities (USA), Inc. (20%)
Mizuho Securities USA Inc. (20%)
RBC Capital Markets, LLC (20%)

 

 

 

Senior Co-Managers:

 

Merrill Lynch, Pierce Fenner & Smith Incorporated (8.89%)
J.P. Morgan Securities LLC (8.89%)

 


 

Co-Managers:

 

BB&T Capital Markets, a division of BB&T Securities, LLC
(4.44%)
Fifth Third Securities, Inc. (4.44%)
Goldman, Sachs & Co. (4.44%)
Regions Securities LLC (4.44%)
Wells Fargo Securities, LLC (4.44%)

 

* Note:  A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.  Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Oglethorpe Power Corporation at 770-270-7600 or calling Mitsubishi UFJ Securities (USA), Inc. at (877) 649-6848.