AMERICAN ELECTRIC POWER CO INC (AEP): debt financing — AEP extends $1B credit facility to March 2025; adds sustainability-linked pricing

AMERICAN ELECTRIC POWER CO INC

Amended $1B credit agreement extending maturity from March 2024 to March 2025.
Interest rate tied to sustainability metrics: renewable energy generation targets.
Covenant requires debt-to-total-capitalization ratio not to exceed 67.5%.
Cross-default triggered if AEP or subsidiaries have debt over $50M in default.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AMERICAN ELECTRIC POWER CO INC amended credit facility of $1,000,000,000 with Wells Fargo Bank, National Association at variable interest rate maturing March 2025.

Instrument: credit facility
Principal: $1,000,000,000
Counterparty: Wells Fargo Bank, National Association
Rate: variable interest rate
Maturity: March 2025
Event: amendment

Exact text from the filing

On March 31, 2023, American Electric Power Company, Inc. (“AEP”) amended and extended an existing credit agreement, a two-year $1,000,000,000 facility, by extending the maturity from March 2024 to March 2025 (the “Credit Agreement”).

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Source: SEC EDGAR

accession 0000004904-23-000042

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