New Issue: Indiana Michigan Power sells $450 million 3.25% 30-year notes with 100 bps spread

By Wendy Van Sickle

Columbus, Ohio, April 27 – Indiana Michigan Power Co. sold $450 million of 3.25% 30-year senior notes (A3/A-/A-) at 99.222 to yield 3.291% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

Citigroup Global Markets Inc., Mizuho Securities USA LLC, RBC Capital Markets LLC and Truist Securities Inc. were the bookrunners.

Proceeds will be used to repay all or some of the $200 million outstanding under the company’s senior term loan due May 9, 2021 and for other general corporate purposes.

The subsidiary of American Electric Power is based in Fort Wayne, Ind.

Issuer:	Indiana Michigan Power Co.
Amount:	$450 million
Description:	Series O senior notes
Maturity:	May 1, 2051
Bookrunners:	Citigroup Global Markets Inc., Mizuho Securities USA LLC, RBC Capital Markets LLC and Truist Securities Inc.
Co-managers:	Fifth Third Securities Inc. and Huntington Securities Inc.
Coupon:	3.25%
Price:	99.222
Yield:	3.291%
Spread:	Treasuries plus 100 bps
Call features:	Make-whole call at Treasuries plus 15 bps before Nov. 1, 2050, thereafter at par
Trade date:	April 27
Settlement date:	April 29
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Distribution:	SEC registered

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