By Cristal Cody
Tupelo, Miss., Dec. 3 – AEP Texas Inc. sold $450 million of 3.45% senior notes due Jan. 15, 2050 on Tuesday at a spread of 130 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/A-) priced at 99.532 to yield 3.475%.
BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., MUFG and Scotia Capital (USA) Inc. were the bookrunners.
Proceeds will be used to repay advances from affiliates and for other general corporate purposes.
AEP Texas is a Corpus Christi, Tex.-based electric company.
| Issuer: | AEP Texas Inc.
|
| Amount: | $450 million
|
| Maturity: | Jan. 15, 2050
|
| Description: | Series H senior notes
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., MUFG and Scotia Capital (USA) Inc.
|
| Co-managers: | BBVA Securities Inc., SMBC Nikko Securities America Inc. and TD Securities (USA) LLC
|
| Coupon: | 3.45%
|
| Price: | 99.532
|
| Yield: | 3.475%
|
| Spread: | Treasuries plus 130 bps
|
| Call features: | Make-whole before July 15, 2049 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Dec. 3
|
| Settlement date: | Dec. 5
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Distribution: | SEC registered
|
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