By Cristal Cody
Tupelo, Miss., May 15 – AEP Texas Inc. priced an upsized $500 million of 3.95% 10-year senior notes on Monday at a spread of Treasuries plus 100 basis points, according to a market source.
The notes (Baa1/A-/BBB+) priced on the tight side of guidance in the Treasuries plus 100 bps to 105 bps area.
The deal was upsized from $400 million.
BNP Paribas Securities Corp., Citigroup Global Markets Inc. and MUFG were the bookrunners.
AEP Texas is a Corpus Christi, Texas-based electric company.
| Issuer: | AEP Texas Inc.
|
| Amount: | $500 million
|
| Maturity: | June 1, 2028
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc. and MUFG
|
| Coupon: | 3.95%
|
| Spread: | Treasuries plus 100 bps
|
| Trade date: | May 14
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
| Price guidance: | Treasuries plus 100 bps-105 area
|
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