Ameren Announces Pricing of Senior Notes due 2036

Rhea-AI Summary

Ameren (NYSE: AEE) priced $400 million of 5.00% senior notes due 2036 at 99.802% of principal. The offering is expected to close on March 4, 2026, subject to customary closing conditions.

Ameren intends to use net proceeds for general corporate purposes, including repaying a portion of short-term debt incurred to refinance Ameren's 3.65% senior notes due 2026. Joint book-running managers include BNY Mellon, J.P. Morgan, RBC, U.S. Bancorp and Wells Fargo.

Positive

• Priced $400 million of senior notes due 2036
• Coupon set at a fixed 5.00%
• Proceeds earmarked to repay short-term debt, improving cash timing

Negative

• New notes carry a higher coupon (5.00%) than the prior 3.65% notes due 2026
• Issued at 99.802%, implying modest issuance discount versus par
• Extends fixed-rate debt maturity to 2036, increasing long-term interest commitment

Key Figures

Senior notes size: $400 million Coupon rate: 5.00% Issue price: 99.802% +5 more

8 metrics

Senior notes size $400 million Aggregate principal amount of 5.00% senior notes due 2036

Coupon rate 5.00% Interest rate on senior notes due 2036

Issue price 99.802% Pricing of senior notes relative to principal amount

Maturity year 2036 Senior notes due 2036

Expected closing date March 4, 2026 Expected close of senior notes offering

Electric customers 2.5 million Ameren electric customers served

Natural gas customers 900,000+ Ameren natural gas customers served

Service territory size 64,000 square miles Area served by Ameren subsidiaries

Market Reality Check

Price: $112.03 Vol: Volume 1,502,204 is at 0....

normal vol

$112.03 Last Close

Volume Volume 1,502,204 is at 0.73x the 20-day average of 2,068,657, indicating muted trading activity. normal

Technical Shares at $112.03 are trading above the 200-day MA of $101 and within 0.55% of the $112.655 52-week high.

Peers on Argus

AEE gained 0.53% while peers were mixed: DTE, PPL and WEC slightly positive, FE ...

AEE gained 0.53% while peers were mixed: DTE, PPL and WEC slightly positive, FE and FTS slightly negative. Moves are small and not indicative of a broad sector rotation.

Historical Context

5 past events · Latest: Feb 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 23	Bond offering pricing	Positive	+0.1%	Priced $900M Ameren Missouri first mortgage bonds to refinance debt and capex.
Feb 12	Grid investment plan	Positive	+3.1%	Filed Smart Energy Plan outlining five-year grid upgrades and reliability projects.
Feb 11	Hybrid plant approval	Positive	+3.1%	Missouri approved Big Hollow Energy Center gas plus battery storage project.
Feb 11	Earnings and guidance	Positive	+3.1%	Reported higher 2025 EPS and affirmed 2026 guidance with long-term growth targets.
Feb 09	Board appointment	Positive	+1.5%	Added director with extensive nuclear generation leadership experience to board.

Pattern Detected

Recent news events, including financing, infrastructure and earnings updates, have typically been followed by modestly positive price reactions.

Recent Company History

Over February 2026, Ameren reported strong 2025 earnings with GAAP EPS of $5.35 and adjusted EPS of $5.03, alongside long-term EPS CAGR guidance of 6%–8% supported by $31.8 billion in planned infrastructure investment. Regulatory approval for the Big Hollow Energy Center and grid-strengthening initiatives in Missouri highlighted major growth and reliability projects. Two sizable bond offerings – including $900 million in Ameren Missouri first mortgage bonds – show ongoing balance sheet and funding activity consistent with these capital plans.

Market Pulse Summary

This announcement details a $400 million public offering of 5.00% senior notes due 2036, primarily t...

Analysis

This announcement details a $400 million public offering of 5.00% senior notes due 2036, primarily to repay short‑term debt and refinance 2026 maturities. It follows recent bond activity at the Ameren Missouri subsidiary and supports ongoing infrastructure and grid investment plans highlighted earlier in February. Investors may monitor future disclosures on total capitalization, refinancing progress and how this funding aligns with Ameren’s long-term 6%–8% EPS growth framework.

Key Terms

senior notes, aggregate principal amount, public offering, joint book-running managers, +1 more

5 terms

senior notes financial

"pricing of a public offering of $400 million aggregate principal amount of 5.00% senior notes due 2036"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

aggregate principal amount financial

"public offering of $400 million aggregate principal amount of 5.00% senior notes"

The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.

public offering financial

"announced today the pricing of a public offering of $400 million aggregate principal amount"

A public offering is when a company sells shares to the general public through the stock market, either by issuing new shares to raise cash or by letting existing owners sell their stakes. Think of it like a business opening its doors to many new owners at once: it can bring in money for growth but also increases the number of shares available, which can change the stock price and dilute existing ownership — key factors investors watch closely.

joint book-running managers financial

"LLC are acting as joint book-running managers for the offering."

Joint book-running managers are the lead banks or financial firms responsible for organizing and overseeing the sale of a large financial offering, such as a company’s stock or bonds. They coordinate efforts to set the price, attract investors, and ensure the offering is successful. Their role is important to investors because they help ensure the offering is well-managed, properly priced, and accessible to a wide range of buyers.

prospectus supplement regulatory

"A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission."

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

ST. LOUIS, Feb. 26, 2026 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) announced today the pricing of a public offering of $400 million aggregate principal amount of 5.00% senior notes due 2036 at 99.802% of their principal amount. The transaction is expected to close on March 4, 2026, subject to the satisfaction of customary closing conditions.

Ameren intends to use the net proceeds of the offering for general corporate purposes, including to repay a portion of its short-term debt, including short-term debt incurred to refinance Ameren's 3.65% senior notes due 2026 upon maturity.

BNY Mellon Capital Markets, LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC 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 senior 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 did Ameren (AEE) announce about the 2036 senior notes on February 26, 2026?

Ameren priced $400 million of 5.00% senior notes due 2036 at 99.802%. According to the company, the transaction is expected to close on March 4, 2026, subject to customary closing conditions.

How will Ameren (AEE) use the proceeds from the $400 million senior notes offering?

Ameren intends to use net proceeds for general corporate purposes, including repaying short-term debt. According to the company, this includes short-term debt incurred to refinance its 3.65% notes due 2026.

What is the interest rate and pricing detail for Ameren's (AEE) new 2036 notes?

The new senior notes carry a fixed 5.00% coupon and were priced at 99.802% of par. According to the company, the pricing reflects the terms of the public offering.

When will the Ameren (AEE) senior notes offering close and who are the managers?

The offering is expected to close on March 4, 2026, subject to customary closing conditions. According to the company, joint book-running managers include BNY Mellon, J.P. Morgan, RBC, U.S. Bancorp and Wells Fargo.

Does the Ameren (AEE) offering change the company's debt maturity profile?

Yes, the offering issues long-term debt maturing in 2036, extending fixed-rate obligations. According to the company, the notes replace or refinance portions of short-term obligations related to the 2026 maturity.