The Firm represented American Electric Power Company, Inc. (NYSE: AEP) in connection with its registered offering of 16,100,000 Equity Units (representing the exercise in full of the underwriters’ over-allotment option), which resulted in gross proceeds of $805 million. AEP intends to use the net proceeds from the Equity Units to support its overall capital expenditure plans, including a recently announced contracted renewables transaction.
AEP, based in Columbus, Ohio, operates and maintains the nation’s largest electricity transmission system and nearly 220,000 miles of distribution lines to deliver power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 32,000 megawatts of diverse generating capacity, including more than 4,300 megawatts of renewable energy.
The Simpson Thacher team included Brian E. Rosenzweig, Matt Hart, Brandon Barton, Richard Ragusa and Dylan Benac (Capital Markets); Marcy Geller and Tyler Robbins (Tax); and Jeanne Annarumma (Executive Compensation and Employee Benefits).