COLUMBUS, Ohio, Oct. 25, 2011 /PRNewswire/ -- The following
subsidiaries of American Electric Power (NYSE: AEP) announced today
that they will redeem all of the outstanding shares of preferred
stock of their respective companies on Dec.
1, 2011.
- AEP Texas Central Company, 41,708 shares outstanding of its
Cumulative Preferred Stock, 4.00% Series (CUSIP 0010EP207) at
$105.75 per share, plus an amount
equal to accrued dividends from Nov. 1,
2011.
- AEP Texas Central Company, 11,750 shares outstanding of its
Cumulative Preferred Stock, 4.20% Series (CUSIP 0010EP306) at
$103.75 per share, plus an amount
equal to accrued dividends from Nov. 1,
2011.
- AEP Texas North Company, 23,481 shares outstanding of its
Cumulative Preferred Stock, 4.40% Series (CUSIP 0010EQ205) at
$107.00 per share, plus an amount
equal to accrued dividends from Oct. 1,
2011.
- Appalachian Power Company, 177,363 shares outstanding of its
Cumulative Preferred Stock, 4-1/2% Series (CUSIP 037735107) at
$110.00 per share, plus an amount
equal to accrued dividends from Nov. 1,
2011.
- Indiana Michigan Power Company, 11,055 shares outstanding of
its Cumulative Preferred Stock, 4.12% Series (CUSIP 454889205) at
$102.728 per share, plus an amount
equal to accrued dividends from Oct. 1,
2011.
- Indiana Michigan Power Company, 55,253 shares outstanding of
its Cumulative Preferred Stock, 4-1/8% Series (CUSIP 454889304) at
$106.125 per share, plus an amount
equal to accrued dividends from Oct. 1,
2011.
- Indiana Michigan Power Company, 14,412 shares outstanding of
its Cumulative Preferred Stock, 4.56% Series (CUSIP 454889825) at
$102.00 per share, plus an amount
equal to accrued dividends from Oct. 1,
2011.
- Ohio Power Company, 14,495 shares outstanding of its Cumulative
Preferred Stock, 4.08% Series (CUSIP 677415101) at $103.00 per share. Dividends will be paid on
Dec. 1, 2011 in the usual
manner.
- Ohio Power Company, 22,824 shares outstanding of its Cumulative
Preferred Stock, 4.20% Series (CUSIP 677415200) at $103.20 per share. Dividends will be paid on
Dec. 1, 2011 in the usual
manner.
- Ohio Power Company, 31,482 shares outstanding of its Cumulative
Preferred Stock, 4.40% Series (CUSIP 677415309) at $104.00 per share. Dividends will be paid on
Dec. 1, 2011 in the usual
manner.
- Ohio Power Company, 97,332 shares outstanding of its Cumulative
Preferred Stock, 4-1/2% Series (CUSIP 677415408) at $110.00 per share. Dividends will be paid on
Dec. 1, 2011 in the usual
manner.
- Public Service Company of Oklahoma, 44,508 shares outstanding of its
Cumulative Preferred Stock, 4.00% Series (CUSIP 744533209) at
$105.75 per share, plus an amount
equal to accrued dividends from Oct. 1,
2011.
- Public Service Company of Oklahoma, 4,310 shares outstanding of its
Cumulative Preferred Stock, 4.24% Series (CUSIP 744533308) at
$103.19 per share, plus an amount
equal to accrued dividends from Oct. 1,
2011.
- Southwestern Electric Power Company, 7,386 shares outstanding
of its Cumulative Preferred Stock, 4.28% Series (CUSIP 845437102)
at $103.904 per share, plus an amount
equal to accrued dividends from Oct. 1,
2011.
- Southwestern Electric Power Company, 1,902 shares outstanding
of its Cumulative Preferred Stock, 4.65% Series (CUSIP 845437201)
at $102.75 per share, plus an amount
equal to accrued dividends from Oct. 1,
2011.
- Southwestern Electric Power Company, 37,650 shares outstanding
of its Cumulative Preferred Stock, 5.00% Series (CUSIP 845437300)
at $109.00 per share, plus an amount
equal to accrued dividends from Oct. 1,
2011.
The total purchase price to complete the 16 redemptions is
approximately $64 million, including
accrued but unpaid dividends. The preferred stock redemptions are
being made under terms of the series of stock which permit them to
be redeemed at any time.
The notice of redemption and related materials is expected to be
mailed to holders of record of the shares to be redeemed on or
before Nov. 1, 2011. Computershare is
the redemption agent for these series of preferred stock.
American Electric Power is one of the largest electric utilities
in the United States, delivering
electricity to more than 5 million customers in 11 states. AEP
ranks among the nation's largest generators of electricity, owning
nearly 38,000 megawatts of generating capacity in the U.S. AEP also
owns the nation's largest electricity transmission system, a nearly
39,000-mile network that includes more 765-kilovolt extra-high
voltage transmission lines than all other U.S. transmission systems
combined. AEP's transmission system directly or indirectly serves
about 10 percent of the electricity demand in the Eastern
Interconnection, the interconnected transmission system that covers
38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the
electricity demand in ERCOT, the transmission system that covers
much of Texas. AEP's utility units
operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West
Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky
Power, Public Service Company of Oklahoma, and Southwestern Electric Power
Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.
This report made by American Electric Power contains
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. Although AEP believes that its
expectations are based on reasonable assumptions, any such
statements may be influenced by factors that could cause actual
outcomes and results to be materially different from those
projected. Among the factors that could cause actual results to
differ materially from those in the forward-looking statements are:
Electric load and customer growth; weather conditions, including
storms; available sources and costs of, and transportation for,
fuels and the creditworthiness of fuel suppliers and transporters;
availability of generating capacity and the performance of AEP's
generating plants; the ability to recover regulatory assets and
stranded costs in connection with deregulation; the ability to
recover increases in fuel and other energy costs through regulated
or competitive electric rates; the ability to build or acquire
generating capacity when needed at acceptable prices and terms and
to recover those costs through applicable rate cases; new
legislation, litigation and government regulation including
requirements for reduced emissions of sulfur, nitrogen, mercury,
carbon and other substances; timing and resolution of pending and
future rate cases, negotiations and other regulatory decisions
(including rate or other recovery for new investments, transmission
service and environmental compliance); resolution of litigation
(including pending Clean Air Act enforcement actions and disputes
arising from the bankruptcy of Enron Corp.); AEP's ability to
constrain its operation and maintenance costs; AEP's ability to
sell assets at acceptable prices and on other acceptable terms,
including rights to share in earnings derived from the assets
subsequent to their sale; the economic climate and growth in its
service territory and changes in market demand and demographic
patterns; inflationary trends; its ability to develop and execute a
strategy based on a view regarding prices of electricity, natural
gas and other energy-related commodities; changes in the
creditworthiness and number of participants in the energy trading
market; changes in the financial markets, particularly those
affecting the availability of capital and AEP's ability to
refinance existing debt at attractive rates; actions of rating
agencies, including changes in the ratings of debt; volatility and
changes in markets for electricity, natural gas and other
energy-related commodities; changes in utility regulation,
including membership and integration into regional transmission
structures; accounting pronouncements periodically issued by
accounting standard-setting bodies; the performance of AEP's
pension and other postretirement benefit plans; prices for power
that AEP generates and sells at wholesale; changes in technology,
particularly with respect to new, developing or alternative sources
of generation and other risks and unforeseen events, including
wars, the effects of terrorism (including increased security
costs), embargoes and other catastrophic events.
SOURCE American Electric Power