By Cristal Cody
Tupelo, Miss., May 20 – Ohio Power Co. sold $450 million of 4% 30-year senior notes on Monday at 99.756 to yield 4.014%, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A-) priced at a spread of Treasuries plus 118 basis points.
BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey, Inc. 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: | $450 million
|
| Description: | Series O senior notes
|
| Maturity: | June 1, 2049
|
| Bookrunners: | BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey, Inc.
|
| Co-manager: | Fifth Third Securities
|
| Coupon: | 4%
|
| Price: | 99.756
|
| Yield: | 4.014%
|
| Spread: | Treasuries plus 118 bps
|
| Call feature: | Make-whole call before Dec. 1, 2048 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | May 20
|
| Settlement date: | May 22
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Distribution: | SEC registered
|
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