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 | |
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+ | |
Spread to Treasury: |
| T + 180 basis points | |
Re-offer Yield: |
| 4.348% | |
Make-Whole Call: |
| T + 30 basis points prior to 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%) | |
|
|
| |
Senior Co-Managers: |
| Merrill Lynch, Pierce Fenner & Smith Incorporated (8.89%) |
Co-Managers: |
| BB&T Capital Markets, a division of BB&T Securities, LLC |
* 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.