Issuer: | Appalachian Power Company |
Expected Ratings*: | Baa1 (stable) by Moody’s Investors Service, Inc. A- (stable) by S&P Global Ratings |
Designation: | Senior Notes, Series Z, due 2050 |
Principal Amount: | $500,000,000 |
Maturity: | May 1, 2050 |
Coupon: | 3.70% |
Interest Payment Dates: | May 1 and November 1 |
First Interest Payment Date: | November 1, 2020 |
Treasury Benchmark: | 2.375% due November 15, 2049 |
Treasury Yield: | 1.383% |
Reoffer Spread: | T+235 basis points |
Yield to Maturity: | 3.733% |
Price to Public: | 99.409% of the principal amount thereof |
Transaction Date: | May 12, 2020 |
Settlement Date: | May 14, 2020 (T+2) |
Redemption Terms: | |
Make-whole call: | Prior to November 1, 2049 at a discount rate of the Treasury Rate plus 40 basis points |
Par call: | On or after November 1, 2049 at par |
Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof |
CUSIP/ISIN: | 037735 CY1/US037735CY10 |
Joint Book-Running Managers: | Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC PNC Capital Markets LLC Wells Fargo Securities, LLC |
Co-Managers: | Huntington Securities, Inc. Academy Securities, Inc. Drexel Hamilton, LLC Loop Capital Markets LLC Siebert Williams Shank & Co., LLC |