Issuer: | American Electric Power Company, Inc. | ||||||||||
Transaction Date: | December 6, 2023 | ||||||||||
Settlement Date: | December 8, 2023 (T+2) | ||||||||||
Designation: | Senior Notes, Series R, due 2029 | ||||||||||
Principal Amount: | $1,000,000,000 | ||||||||||
Maturity: | January 15, 2029 | ||||||||||
Coupon: | 5.20% | ||||||||||
Interest Payment Dates: | January 15 and July 15 | ||||||||||
First Interest Payment Date: | July 15, 2024 | ||||||||||
Day Count Convention: | 30/360 | ||||||||||
Benchmark Treasury: | 4.375% due November 30, 2028 | ||||||||||
Benchmark Treasury Yield: | 4.109% | ||||||||||
Reoffer Spread: | T+112.5 basis points | ||||||||||
Yield to Maturity: | 5.234% | ||||||||||
Price to Public: | 99.841% of the principal amount thereof | ||||||||||
Redemption Terms: | |||||||||||
Make-whole call: | Prior to December 15, 2028, at a discount rate of the Treasury Rate plus 20 basis points | ||||||||||
Par call: | On or after December 15, 2028 at par | ||||||||||
Use of Proceeds: | The issuer estimates that the net proceeds from the sale of the Notes offered hereby, after deducting the underwriting discounts and its estimated offering expenses, will be approximately $990 million and will be used to repay at maturity the $805,000,000 aggregate principal amount of its 2.031% Junior Subordinated Debentures maturing on March 15, 2024 and for general corporate purposes, which may include the repayment of short-term indebtedness. If the issuer does not use the net proceeds immediately, it will temporarily invest them in short-term, interest-bearing obligations. | ||||||||||
CUSIP/ISIN: | 025537AY7/ US025537AY74 | ||||||||||
Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof | ||||||||||
Joint Book-Running Managers: | Barclays Capital Inc. BofA Securities, Inc. Goldman Sachs & Co. LLC U.S. Bancorp Investments, Inc. Wells Fargo Securities, LLC | ||||||||||
Co-Managers: | Fifth Third Securities, Inc. Huntington Securities, Inc. CAVU Securities LLC Drexel Hamilton, LLC Loop Capital Markets LLC Siebert Williams Shank & Co., LLC | ||||||||||
Ratings*: | Baa2 (Stable) by Moody’s Investors Service, Inc. BBB+ (Negative) by S&P Global Ratings, a division of S&P Global Inc. BBB (Stable) by Fitch Ratings, Inc. | ||||||||||