American Electric Power plans split-rated issue of debentures, pricing Thursday

By Andrea Heisinger

Omaha, March 12 - American Electric Power Co., Inc. announced an issue of split-rated junior subordinated debentures Wednesday, with pricing expected Thursday, an informed source said.

The debentures (Baa3/BB+/BBB-) have a maturity of March 1, 2063, which is automatically extended by a quarter on each quarterly beginning in 2013. This occurs through Dec. 1, 2017 unless the issue is redeemed.

Final maturity is no later than March 1, 2068.

Bookrunners are Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc., UBS Investment Bank and Wachovia Capital Securities LLC.

Co-manager is Goldman Sachs & Co.

Proceeds will be used for general corporate purposes, including repayment of short-term debt.

The electric company is based in Columbus, Ohio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.