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AEP Texas to sell $450M in senior notes

AEP Texas Inc. entered an underwriting agreement to sell $450 million of 3.45% series H senior notes, due 2050.

The interest is payable semiannually on Jan. 15 and July 15, starting July 15, 2020, according to a prospectus. The notes are expected to be rated Baa1 by Moody's and A- by S&P Global Ratings.

The net proceeds will be used to repay advances from affiliates and for other general corporate purposes. As of Nov. 27, the American Electric Power Co. Inc. utility had $202 million outstanding in advances from affiliates. The company may invest the proceeds temporarily in short-term, interest-bearing obligations if not used immediately.

BNP Paribas Securities Corp., Crédit Agricole Securities (USA) Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., TD Securities (USA) LLC and BBVA Securities Inc. are the underwriters.