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American Electric Power Company, 6.125% Equity Units Due 8/15/2023
Ticker Symbol: AEPPZ     CUSIP: 02557T307     Exchange: NGS
Security Type:   Mandatory Convertible Security

QUANTUMONLINE.COM SECURITY DESCRIPTION:  American Electric Power Company, 6.125% Equity Units Due 08/15/2023 stated amount $50 per unit, initially consisting of Corporate Units which include a purchase contract issued by AEP and a 1/20 undivided beneficial ownership interest in $1,000 principal amount of AEP’s 1.30% junior subordinated debentures due 2025.

The stock purchase contract requires the holder to purchase for $50 a variable number of shares of American Electric Power Company (NYSE: AEP) common stock no later than 08/15/2023 and pays a contract adjustment rate of 4.825% per annum. The stock purchase settlement rate will be 0.5003 shares per unit if the then current market price is equal to or greater than $99.95 and 0.6003 shares per unit if the market price is equal to or less than $83.29. For market prices between those values the settlement rate will be $50 divided by the market value. Prior to the IPO of this security, the last reported sale price of the common stock on 08/10/2020 was $85.94 per share. The stock purchase contract may be settled any time at the holder’s option and the company will deliver 0.5003 shares of common stock for each purchase contract.

The 1.30% junior subordinated debentures are due 08/15/2025 and are subject to reset and remarketing between 05/11/2023 and 07/27/2023.

The Corporate Units pay quarterly distributions of 6.125% ($3.0625) per annum on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date which is one business day prior to the payment date while the securities remain in book-entry form (NOTE: the ex-dividend date is one business day prior to the record date). Distributions paid by these securities are derived from interest paid on the underlying debt securities and therefore are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The Company may defer all or part of the contract adjustment payments but not beyond the purchase contract settlement date. Any deferred contract adjustment payments will accrue additional contract adjustment payments at the rate equal to 6.125% per annum.

Upon a Fundamental Change, the purchase contracts may be settled early at the settlement rate, plus an additional make-whole amount of shares determined (see prospectus for further information). The junior subordinated debentures are pledged as collateral to secure the holder's obligations under the stock purchase contract. The holder has the right at any time to convert batchs of 20 Corporate Units into Treasury Units by the substitution of a specified zero-coupon U.S. Treasury security for the Notes and to later recreate Corporate Units (see prospectus for further information).

The Notes are unsecured, junior subordinated obligations of the company and are unsecured, subordinated obligations of the company and will rank junior to the company's senior debt, junior to unsecured, subordinated indebtedness of the company and will rank equally with all existing and future unsecured, junior subordinated of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below
Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Conversion
Shares@Price
Distribution Dates 15%
Tax Rate
NGS
Chart
6.13%
$3.0625
$50.00
$50.00
Not Callable
8/15/2023
Baa3 BBB
11/20/2020
0.5003@$99.95+
0.6003@$83.29-
2/15, 5/15, 8/15 & 11/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
No

Go to Parent Company's Record (AEP)

IPO - 8/12/2020 - 15.00 Million Units @ $50.00/unit.    Link to IPO Prospectus
Previous Ticker Symbol: AEP-C    Changed: 10/02/2020
Market Value $750.0 Million
Click for current AEPPZ price quote from the NASDAQ

Company's Online Information Links
HOME PAGE:     https://www.aep.com/
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Address and Phone Numbers
Address:   1 Riverside Plaza, Columbus, OH 43215
Main Phone Number 614-716-1000
Fax Number Not Available
Investor Relations   Tom Scott 614-716-2686
Toll Free Phone Number 800-237-2667
CEO - Nicholas K. Akins CFO - Brian X. Tierney

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