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AEP closes $805M equity unit offering

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AEP closes $805M equity unit offering

American Electric Power Co. Inc. on March 19 completed an offering of 16.1 million equity units for gross proceeds of $805 million.

The offering includes the exercise in full of the underwriters' option to purchase an additional 2.1 million units to cover any overallotment, according to a company filing.

AEP plans to use approximately $787 million in net proceeds to support its overall capital expenditure plans, including a recently announced contracted renewables transaction.

Barclays Capital Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were representatives of the underwriters.