Issuer: | Southwestern Electric Power Company | ||||
Expected Ratings*: | Baa2 (Stable) by Moody’s Investors Service, Inc. A- (Negative) by S&P Global Ratings, a division of S&P Global Inc. BBB+ (Stable) by Fitch Ratings, Inc. | ||||
Designation: | Senior Notes, Series O, due 2051 | ||||
Principal Amount: | $650,000,000 | ||||
Maturity: | November 1, 2051 | ||||
Coupon: | 3.25% | ||||
Interest Payment Dates: | May 1 and November 1 | ||||
First Interest Payment Date: | May 1, 2022 | ||||
Treasury Benchmark: | 2.375% due May 15, 2051 | ||||
Treasury Yield: | 1.969% | ||||
Reoffer Spread: | T+130 basis points | ||||
Yield to Maturity: | 3.269% | ||||
Price to Public: | 99.639% of the principal amount thereof | ||||
Transaction Date: | November 1, 2021 | ||||
Settlement Date: | November 3, 2021 (T+2) | ||||
Redemption Terms: | |||||
Make-whole call: | Prior to May 1, 2051 at a discount rate of the Treasury Rate plus 20 basis points | ||||
Par call: | On or after May 1, 2051 at par | ||||
Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof | ||||
CUSIP/ISIN: | 845437 BT8/US845437BT80 | ||||
Joint Book-Running Managers: | Barclays Capital Inc. Goldman Sachs & Co. LLC J.P. Morgan Securities LLC Scotia Capital (USA) Inc. Credit Agricole Securities (USA) Inc. Mizuho Securities USA LLC | ||||
Co-Managers: | CastleOak Securities, L.P. Siebert Williams Shank & Co., LLC | ||||