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AEP Transmission sells $325M of senior notes

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AEP Transmission sells $325M of senior notes

AEP Transmission Co. LLC sold $325 million of 4.25%% senior notes series J due Sept. 15, 2048, for general corporate purposes, including construction costs, and to repay outstanding advances from affiliates.

As of Aug. 31, the American Electric Power Co. Inc. subsidiary had $145.5 million in advances from affiliates outstanding. The company may also temporarily invest the proceeds in short-term, interest-bearing obligations.

Interest is payable semiannually on March 15 and Sept. 15 of each year, starting March 15, 2019. The issue was expected to be rated A2 by Moody's and A- by both S&P Global Ratings and Fitch Ratings, according to a Sept. 5 free writing prospectus.

Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc. and SunTrust Robinson Humphrey Inc. acted as joint book-running managers.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.