Ameren Announces Pricing of Junior Subordinated Notes due 2057

Ameren prices $900 million in long-dated junior subordinated notes, planning to refinance short-term borrowings and bolster corporate funding flexibility.

Rhea-AI Summary

Ameren (AEE) has priced a public offering of $900 million of junior subordinated notes due 2057 at 100% of principal.

The notes are expected to close on September 18, 2026, subject to customary conditions. They will pay interest at an annual rate of 6.450% from issuance to but excluding March 15, 2032, then reset every five years to the Five-Year Treasury Rate plus 1.868%, with a minimum rate of 6.450%. Ameren intends to use the net proceeds for general corporate purposes, including repayment of short-term debt. Barclays, BofA Securities, J.P. Morgan, Morgan Stanley, MUFG, Truist, PNC and Scotia are joint book-running managers.

Positive

• $900 million junior subordinated notes due 2057 priced at 100% of principal
• Fixed annual interest rate of 6.450% until March 15, 2032
• Post-2032 reset rate floored at 6.450% despite link to Five-Year Treasury
• Stated use of proceeds includes repaying short-term debt, extending debt maturity profile

Negative

• None.

News Explained

The priced offering remains pending its expected closing, and its $900 million principal amount is much larger than Ameren’s $12 million of cash and equivalents at June 30, 2026, putting the disclosed borrowing in clear scale relative to reported liquidity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ST. LOUIS, Sept. 8, 2026 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) announced today the pricing of a public offering of $900 million aggregate principal amount of junior subordinated notes due 2057 at 100.000% of their principal amount. The transaction is expected to close on September 18, 2026, subject to the satisfaction of customary closing conditions.

The junior subordinated notes will bear interest (i) from and including the date of original issuance to but excluding March 15, 2032, at an annual rate of 6.450% and (ii) from and including March 15, 2032, during each interest reset period at an annual rate equal to the Five-Year Treasury Rate (calculated as described in the prospectus supplement and prospectus relating to the junior subordinated notes) plus 1.868%; provided, that the interest rate during any interest reset period will not reset below 6.450% (which equals the initial interest rate on the junior subordinated notes).

Ameren intends to use the net proceeds of the offering for general corporate purposes, including to repay its short-term debt.

Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Truist Securities, Inc., PNC Capital Markets LLC and Scotia Capital (USA) Inc. are acting as joint book-running managers for the offering.

The offering is being made only by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission. Copies of the prospectus and related prospectus supplement for the offering, when available, may be obtained via the Securities and Exchange Commission's website at www.sec.gov or by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com. This press release does not constitute an offer to sell or a solicitation of an offer to buy the junior subordinated notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.

About Ameren

St. Louis-based Ameren Corporation powers the quality of life for 2.5 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc.

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SOURCE Ameren Corporation

FAQ

What are the interest reset terms for Ameren's junior subordinated notes after 2032?

From and including March 15, 2032, during each interest reset period, the notes will bear interest at an annual rate equal to the Five-Year Treasury Rate plus 1.868%, as described in the related prospectus supplement and prospectus. The company states that the rate during any reset period will not reset below 6.450%, which is the initial interest rate on the notes.

When is the offering of Ameren's junior subordinated notes expected to close and what conditions apply?

The transaction is expected to close on September 18, 2026, and the closing is subject to the satisfaction of customary closing conditions.

How does Ameren plan to use the net proceeds from this notes offering?

Ameren intends to use the net proceeds for general corporate purposes, including the repayment of its short-term debt.

Who are the joint book-running managers for Ameren's junior subordinated notes offering?

The joint book-running managers are Barclays Capital, BofA Securities, J.P. Morgan Securities, Morgan Stanley & Co., MUFG Securities Americas, Truist Securities, PNC Capital Markets and Scotia Capital (USA).

How can investors obtain the prospectus for Ameren's junior subordinated notes offering?

Copies of the prospectus and related prospectus supplement, when available, may be obtained through the SEC website at www.sec.gov or by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.