Press release
AEP ANNOUNCES REMARKETING OF $805 MILLION IN AGGREGATE PRINCIPAL AMOUNT OF DEBT UNDERLYING ITS EQUITY UNITS
COLUMBUS, Ohio, Jan. 4, 2022 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) announced today that it has successfully remarketed its 3.40% Junior
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"COLUMBUS, Ohio, Jan. 4, 2022 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) announced today that it has successfully remarketed its 3.40% Junior Subordinated Debentures due 2024 (the \"Original Debentures\"), which were originally issued March 19, 2019, as a component of AEP's Equity Units. \nThe Original Debentures are being remarketed into $805 million aggregate principal amount of 2.031% Junior Subordinated Debentures due 2024 (the \"Remarketed Debentures\"). Effective Jan. 6, 2022, the Remarketed Debentures will bear interest at 2.031% per year and will mature on March 15, 2024. The remarketing is expected to close on Jan. 6, 2022, subject to customary closing conditions.\nAEP conducted the remarketing on behalf of holders of the Equity Units and will not directly receive any proceeds from the issuance and sale of the Remarketed Debentures. The proceeds from the issuance and sale of the Remarketed Debentures will be used to purchase a portfolio of treasury securities maturing on March 10, 2022. AEP expects that a portion of the funds generated upon maturity of the portfolio will be used on March 15, 2022, to settle the purchase contracts it entered into as a part of the Equity Units.\nThe remarketing is being made pursuant to an effective shelf registration statement of AEP that has been filed with the U.S. Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of debentures in connection with the remarketing may only be made by means of a prospectus and related prospectus supplement, copies of which may be obtained at no cost by visiting EDGAR on the SEC's website at www.sec.gov or by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, 1-888-603-5847 or [email protected], or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, 1-800-645-3751 or [email protected].\nAmerican Electric Power, based in Columbus, Oh...