By Cristal Cody
Tupelo, Miss., Nov. 28 – American Electric Power Co., Inc. sold $1 billion of senior notes (Baa1/BBB+) in two tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $400 million of 3.65% three-year notes at 99.938 to yield 3.672%, or a spread of Treasuries plus 83 basis points.
American Electric Power sold $600 million of 4.3% 10-year notes at 99.718 to yield 4.335%, or a Treasuries plus 128 bps spread.
Barclays, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
American Electric Power is a Columbus, Ohio-based electricity provider.
| Issuer: | American Electric Power Co., Inc.
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc.
|
| Co-managers: | KeyBanc Capital Markets Inc. and MUFG
|
| Trade date: | Nov. 28
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $400 million
|
| Maturity: | Dec. 1, 2021
|
| Description: | Series I senior notes
|
| Coupon: | 3.65%
|
| Price: | 99.938
|
| Yield: | 3.672%
|
| Spread: | Treasuries plus 83 bps
|
| Call features: | Non-callable
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | Dec. 1, 2028
|
| Description: | Series J senior notes
|
| Coupon: | 4.3%
|
| Price: | 99.718
|
| Yield: | 4.335%
|
| Spread: | Treasuries plus 128 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before Sept. 1, 2028; thereafter at par
|
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