American Electric Power Co. Inc. is planning to issue approximately 14 million equity units, or approximately $700 million.

The units will be sold in a stated amount of $50 and will consist of a contract to purchase AEP common stock in 2022 and a 1/20 undivided beneficial ownership interest in an AEP junior subordinated debenture due 2024 to be issued in the principal amount of $1,000.

Underwriters will have the overallotment option to purchase an additional 2.1 million equity units, or approximately $105 million stated amount.

The company plans to use the projected $682 million in proceeds to help fund capital expenditure plans, including the recently announced contracted renewables program, and address planned equity needs in connection with the company's existing CapEx plans through 2021, exclusive of the dividend reinvestment plan.

Barclays, Morgan Stanley and Wells Fargo Securities will be joint book-running managers.