(RTTNews) – American Electrical Energy (AEP) introduced the pricing of a registered underwritten providing of about 19.61 million shares of its widespread inventory at a value to the general public of $102.00 per share.
AEP entered into ahead sale agreements with every of Citibank, N.A. and Barclays Financial institution PLC or the “ahead counterparties” below which AEP agreed to problem and promote to the ahead counterparties an combination of 19.61 million shares of its widespread inventory.
As well as, the underwriters of the providing have been granted a 30-day choice to buy as much as a further 2.94 million shares of AEP’s widespread inventory upon the identical phrases. If the underwriters train their choice to buy further shares, AEP expects to enter into further ahead sale agreements with the ahead counterparties with respect to the extra shares.
Settlement of the ahead sale agreements is anticipated to happen on or previous to December 31, 2026. AEP could, topic to sure circumstances, elect money settlement or web share settlement for all or a portion of its rights or obligations below the ahead sale agreements.
If AEP elects bodily settlement of the ahead sale agreements, it expects to make use of the web proceeds for common company functions, which can embody capital contributions to its utility subsidiaries, acquisitions and/or compensation of debt.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.
