Published on 10/4/2017 in the Prospect News Investment Grade Daily.
New Issue: AEP Transmission completes $625 million of notes due 2026, 2047
By Devika Patel
Knoxville, Tenn., Oct. 4 – AEP Transmission Co., LLC sold $625 million of senior notes in two tranches, including an add-on to its 3.1% senior notes due 2047, on Sept. 28, according to an 8-K filed with the Securities and Exchange Commission.
AEP priced a $500 million reopening of its 3.1% 30-year notes. The company originally sold $300 million of the notes on Nov. 21, 2016. The total outstanding now is $425 million.
The company also sold $500 million of 3.75% 30-year fixed-rate notes.
Citigroup Global Markets Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc. were the bookrunners.
The subsidiary of American Electric Power Co. Inc. is based in Columbus, Ohio.
Issuer: | AEP Transmission Co., LLC
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Amount: | $625 million
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Description: | Senior notes
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Bookrunners: | Citigroup Global Markets Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc.
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Co-managers: | BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, Credit Agricole Securities (USA) Inc., Fifth Third Securities, Inc. and Huntington Investment Co.
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Pricing date: | Sept. 25
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Settlement date: | Sept. 28
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Ratings: | Fitch: A-
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Distribution: | Rule 144A and Regulation S
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Series D notes
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Amount: | $125 million reopening
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Maturity: | 2026
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Coupon: | 3.1%
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Price: | 100.832
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Call: | Make-whole call at Treasuries plus 15 bps before Sept. 1, 2026, then at par
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Total outstanding: | $425 million, including $300 million issued on Nov. 21, 2016
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Series H notes
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Amount: | $500 million
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Maturity: | Dec. 1, 2047
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Coupon: | 3.75%
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Price: | 99.759
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Call: | Make-whole call at Treasuries plus 15 bps before June 1, 2047, then at par
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