American Electric Power Company’s $450 million Series M Notes offering

Hunton Andrews Kurth advised the underwriters on the deal.

American Electric Power Company, Inc. (the “Company”) issued debt securities pursuant to an Underwriting Agreement, for which BofA Securities, Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and TD Securities (USA) LLC acted as Representatives for the Underwriters, relating to the offering and sale by the Company of $450,000,000 0.75% Senior Notes, Series M, due 2023, $450,000,000 1.00% Senior Notes, Series N, due 2025 and $600,000,000 Floating Rate Notes, Series A, due 2023 (collectively, the “Notes”).

The net proceeds from the sale of the Notes will be used to repay all or a portion of $1,000,000,000 outstanding under a 364-day term loan maturing March 22, 2021 and for general corporate purposes. These purposes include the repayment of short term indebtedness, including amounts incurred to retire $500,000,000 aggregate principal amount of 2.15% Series G Senior Notes which matured on November 13, 2020. If the Company does not use the net proceeds immediately, the Company will temporarily invest them in short-term, interest-bearing obligations.

AEP, based in Columbus, Ohio, operates and maintains the nation’s largest electricity transmission system and more than 227,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 26,000 megawatts of diverse generating capacity, including approximately 2,856 megawatts of renewable energy. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas).

The Hunton Andrews Kurth LLP team included Bud Ellis (Picture), Steven Friend, Michelle Chan and Mae Ji. Robert McNamara and Tim Strother provided tax advice.

Involved fees earner: Michelle Chan – Hunton Andrew Kurth; Bud Ellis – Hunton Andrew Kurth; Steven Friend – Hunton Andrew Kurth; Robert McNamara – Hunton Andrew Kurth; Tim Strother – Hunton Andrew Kurth;

Law Firms: Hunton Andrew Kurth;

Clients: Bank of America Securities; MUFG Securities Americas Inc. ; Scotia Capital Inc.; TD Securities;

Author: Ambrogio Visconti