The Firm represented American Electric Power Company, Inc. (“AEP”) (NYSE: AEP) in connection with its registered offering of 17,000,000 Equity Units (representing the exercise in full of the underwriters’ over-allotment option), which resulted in gross proceeds of $850 million. AEP intends to use the net proceeds from the Equity Units to support its overall capital expenditure plans, to repay debt or for other general corporate purposes.
AEP, based in Columbus, Ohio, operates and maintains the nation’s largest electricity transmission system and nearly 221,000 miles of distribution lines to deliver power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy.
The Simpson Thacher team included Brian E. Rosenzweig, Matt Hart, Cristina Liebolt and Michael Paparozzi (Capital Markets); Andrew Purcell, Jasmine Hay and Abigail Hopper (Tax); and Jeanne Annarumma (ERISA).