AEP Texas intends to sell fixed-rate senior notes in two parts

By Devika Patel

Knoxville, Tenn., May 16 – AEP Texas Inc. intends to price fixed-rate senior notes in two tranches, according to a 424B5 filed with the Securities and Exchange Commission.

The company plans to sell series K notes and series L notes.

The notes feature a make-whole call and then a par call.

BofA Securities Inc., BNY Mellon Capital Markets LLC, Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC, Credit Agricole CIB, Credit Suisse Securities (USA) LLC and TD Securities (USA) LLC are the bookrunners.

AmeriVet Securities Inc. and Siebert Williams Shank & Co. LLC are the co-managers.

Bank of New York Mellon Trust Co., NA is the bond trustee.

The issuer will use in-house counsel for advice on the offering.

Hunton Andrews Kurth LLP is counsel to the underwriters.

Proceeds will be used to repay the company’s $400 million of 2.4% series C senior notes due Oct. 1, 2022 and its $25 million of 3.27% series E senior notes due Sept. 30, 2022 and for general corporate purposes.

AEP Texas is a Corpus Christi, Tex.-based electric company.

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