AEP Texas to price $450 million notes due 2051; price talk 135 bps-140 bps area over Treasuries

By Devika Patel and Cristal Cody

Knoxville, Tenn., May 4 – AEP Texas Inc. plans to price $450 million of fixed-rate series J senior notes due May 15, 2051, according to a 424B5 filed with the Securities and Exchange Commission and a market source.

The notes are talked to yield in the 135 basis points to 140 bps area over Treasuries, according to the market source.

The notes feature a make-whole call and then a par call.

CIBC World Markets Corp., MUFG, Scotia Capital (USA) Inc. and TD Securities (USA) LLC are the bookrunners.

Academy Securities Inc. and Loop Capital Markets LLC are the co-managers

Proceeds will be used for general corporate purposes.

AEP Texas is a Corpus Christi, Tex.-based electric company.

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