American Electric Power extends $1 billion facility by one year to 2025

By Marisa Wong

Los Angeles, April 4 – American Electric Power Co., Inc. amended an existing credit agreement, a two-year $1 billion facility, by extending the maturity to March 2025 from March 2024, according to an 8-K filing with the Securities and Exchange Commission.

The company amended and extended the credit agreement dated March 31, 2021 with Wells Fargo Bank, NA as administrative agent on March 31.

The filing noted that the credit agreement contains a sustainability-linked pricing metric that permits an interest rate increase or reduction by meeting or missing targets related to environmental sustainability, specifically renewable energy generation.

The credit agreement requires the company to maintain its percentage of debt to total capitalization at a level that does not exceed 67.5%.

American Electric Power is a Columbus, Ohio-based electricity provider.

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