Issuer: | Southwestern Electric Power Company | ||||
Expected Ratings*: | Baa2 (Stable) by Moody’s Investors Service, Inc. A- (Stable) by S&P Global Ratings, a division of S&P Global Inc. BBB+ (Stable) by Fitch Ratings, Inc. | ||||
Designation: | Senior Notes, Series N, due 2026 | ||||
Principal Amount: | $500,000,000 | ||||
Maturity: | March 15, 2026 | ||||
Coupon: | 1.65% | ||||
Interest Payment Dates: | March 15 and September 15 | ||||
First Interest Payment Date: | September 15, 2021 | ||||
Treasury Benchmark: | 0.500% due February 28, 2026 | ||||
Treasury Yield: | 0.852% | ||||
Reoffer Spread: | T+80 basis points | ||||
Yield to Maturity: | 1.652% | ||||
Price to Public: | 99.990% of the principal amount thereof | ||||
Transaction Date: | March 8, 2021 | ||||
Settlement Date: | March 10, 2021 (T+2) | ||||
Redemption Terms: | |||||
Make-whole call: | Prior to February 15, 2026 at a discount rate of the Treasury Rate plus 15 basis points | ||||
Par call: | On or after February 15, 2026 at par | ||||
Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof | ||||
CUSIP/ISIN: | 845437 BS0/US845437BS08 | ||||
Joint Book-Running Managers: | Barclays Capital Inc. J.P. Morgan Securities LLC PNC Capital Markets LLC SMBC Nikko Securities America, Inc. | ||||
Co-Managers: | Huntington Securities, Inc. Drexel Hamilton, LLC Siebert Williams Shank & Co., LLC | ||||