Ohio Power markets $600 million 30-year notes; price talk Treasuries plus 120 bps-125 bps area

By Cristal Cody

Chicago, Sept. 9 – Ohio Power Co. is marketing a $600 million offering of senior notes with a 30-year tenor, according to a market source.

The notes due Oct. 1, 2051 are heard to be talked in the Treasuries plus 120 basis points to 125 bps area.

The notes will have a make-whole call and a par call.

BofA Securities, Inc., CIBC World Markets Corp., MUFG, Truist Securities Inc. and U.S. Bancorp Investments, Inc. are listed as joint bookrunners on the 424B5 filing with the Securities and Exchange Commission.

Co-managers for the deal are Fifth Third Securities Inc. and Mischler Financial Group, Inc.

Bank of New York Mellon Trust is the trustee.

The company is relying on in-house counsel for its legal advice. The underwriters are consulting Hunton Andrews Kurth LLP.

Proceeds from the notes will be used for the upcoming maturity date payment of the $500 million 5 3/8% series M senior notes.

The subsidiary of American Electric Power is based in Columbus, Ohio.

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