American Electric Power Reports Commencement Of Offering Of $2B Of Shares Of Its Common Stock

American Electric Power Company, Inc. +0.77%

American Electric Power Company, Inc.

AEP

132.68

+0.77%

In connection with the offering, AEP expects to enter into forward sale agreements with each of Citibank, N.A. and Barclays Bank PLC under which AEP will agree to issue and sell to the forward counterparties an aggregate of $2 billion of shares of its common stock at an initial forward sale price per share equal to the price per share at which the underwriters purchase the shares in the offering, subject to certain adjustments, upon physical settlement of the forward sale agreements. 

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