AMERICAN ELECTRIC POWER CO INC (AEP): debt financing — AEP amends credit facilities: upsizes $4B to $5B, extends maturities to 2027/2029

AMERICAN ELECTRIC POWER CO INC

Two-year $1B facility amended to three-year facility due March 2027.
Five-year $4B facility amended to $5B facility due March 2029.
Covenant requires AEP to maintain debt-to-total capitalization not exceeding 67.5%.
Cross-default triggered if AEP or subsidiaries have >$100M debt accelerated.
Lenders cannot refuse a draw based on material adverse change.

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 $5,000,000,000 with Wells Fargo Bank, National Association, as Administrative Agent at variable interest rate maturing due in March 2029.

Instrument: credit facility
Principal: $5,000,000,000
Counterparty: Wells Fargo Bank, National Association, as Administrative Agent
Rate: variable interest rate
Maturity: due in March 2029
Event: amendment

Exact text from the filing

and (ii) a five-year $4,000,000,000 facility due in March 2027 was amended and restated to become a five-year $5,000,000,000 facility due in March 2029

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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, as Administrative Agent at variable interest rate maturing due in March 2027.

Instrument: credit facility
Principal: $1,000,000,000
Counterparty: Wells Fargo Bank, National Association, as Administrative Agent
Rate: variable interest rate
Maturity: due in March 2027
Event: amendment

Exact text from the filing

On March 28, 2024, American Electric Power Company, Inc. (“AEP”) amended and restated two existing credit agreements: (i) a two-year $1,000,000,000 facility due in March 2025 was amended and restated to become a three-year facility due in March 2027

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Source: SEC EDGAR

accession 0000004904-24-000032

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