By Cristal Cody
Tupelo, Miss., March 20 – Ohio Power Co. sold $400 million of 4.15% 30-year series N senior notes on Tuesday at 99.268 to yield 4.193%, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A-) priced at a spread of Treasuries plus 107 basis points.
Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes relating to the company’s utility business.
Ohio Power is a Columbus, Ohio-based electricity provider and subsidiary of the American Electric Power Co., Inc.
| Issuer: | Ohio Power Co.
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2048
|
| Bookrunners: | Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities LLC
|
| Co-manager: | Huntington Investment Co.
|
| Coupon: | 4.15%
|
| Price: | 99.268
|
| Yield: | 4.193%
|
| Spread: | Treasuries plus 107 bps
|
| Call feature: | Make-whole call before Oct. 1, 2047 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | March 20
|
| Settlement date: | March 22
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Distribution: | SEC registered
|
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