Ohio Power Co. on May 22 issued $450 million of its 4.0% senior notes series O due June 1, 2049.
Interest on the notes is payable semiannually in arrears on June 1 and Dec. 1 of each year, starting Dec. 1. The notes were expected to be rated A2 by Moody's and A- by S&P Global Ratings.
The American Electric Power Co. Inc. subsidiary plans to use net proceeds for general corporate purposes relating to its utility business. Those purposes may include funding the company's construction program, repaying advances from affiliates and replenishing working capital. As of May 15, advances from affiliates totaled approximately $248 million.
BNY Mellon Capital Markets LLC, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are acting as joint book-running managers. Fifth Third Securities Inc. served as the sole co-manager.