Press release
AEP ANNOUNCES REMARKETING OF $850 MILLION IN AGGREGATE PRINCIPAL AMOUNT OF DEBT UNDERLYING ITS EQUITY UNITS
COLUMBUS, Ohio, May 31, 2023 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) announced today that it has successfully remarketed its 1.30% Junior
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"COLUMBUS, Ohio, May 31, 2023 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) announced today that it has successfully remarketed its 1.30% Junior Subordinated Debentures due 2025 (the \"Original Debentures\"), which were originally issued Aug. 14, 2020, as a component of AEP's Equity Units.\nThe Original Debentures are being remarketed into $850 million aggregate principal amount of 5.699% Junior Subordinated Debentures due 2025 (the \"Remarketed Debentures\"). Effective June 2, 2023, the Remarketed Debentures will bear interest at 5.699% per year and will mature on Aug. 15, 2025. The remarketing is expected to close on June 2, 2023, 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 Aug. 10, 2023. AEP expects that a portion of the funds generated upon maturity of the portfolio will be used on Aug. 15, 2023, 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 J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone: 1-866-803-9204 or Mizuho Securities USA LLC, Attn: Debt Capital Markets, 1271 Avenue of the Americas New York, NY 10020, or by telephone: 1-866-271-7403.\nAmerican Electric Power, based in Columbus, Ohio, is powering a cleaner, b...