American Electric to redeem $557.78 million notes with offer proceeds

By Ashley Montgomery

Kansas City, Kan., Nov. 28 - American Electric Power Co., Inc. plans to use the proceeds from its notes offering to redeem its 5.25% senior notes due June 1, 2015 and its 8.75% junior subordinated debentures due March 1, 2063.

The company said that $242,775,000 of the 5.25% notes and $315 million of the debentures are outstanding.

The company is offering series E senior notes due 2017 and series F notes due 2022.

Proceeds will also be used to repay short-term indebtedness and for other general corporate purposes.

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

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