Ameren Missouri Announces Pricing of First Mortgage Bonds due 2036 and First Mortgage Bonds due 2056

Ameren Missouri (NYSE: AEE) priced a public offering of two series of first mortgage bonds totaling $900 million: $450 million of 4.80% bonds due 2036 at 99.926% and $450 million of 5.55% bonds due 2056 at 99.619%.

Rhea-AI Summary

Ameren Missouri (NYSE: AEE) priced a public offering of two series of first mortgage bonds totaling $900 million: $450 million of 4.80% bonds due 2036 at 99.926% and $450 million of 5.55% bonds due 2056 at 99.619%.

The transaction is expected to close on February 27, 2026, and Ameren Missouri intends to use proceeds to refinance short-term debt and/or fund near-term capital expenditures.

Positive

• $900M of long-term financing secured
• Refinances short-term debt to improve maturity profile
• Proceeds may fund near-term capital expenditures

Negative

• Adds long-term debt with fixed interest obligations
• Interest rates of 4.80% and 5.55% increase annual interest burden

Argus Feb 24 session

+0.10% close to close Open Argus

Details

News Market Reaction – AEE

On Feb 24, the first trading day after this news, AEE closed 0.10% above the previous close.

Data tracked by StockTitan Argus for the Feb 24 session.

Market Context

This announcement details Ameren Missouri’s pricing of two long-dated first mortgage bond offerings ...

Analysis

This announcement details Ameren Missouri’s pricing of two long-dated first mortgage bond offerings totaling $900 million, with proceeds earmarked for refinancing short-term debt and near-term capital spending. Set against recent earnings strength, dividend growth and large approved projects, the transaction fits into an ongoing capital investment cycle. Investors may watch execution on planned infrastructure, regulatory relationships, future financing needs and how additional debt interacts with long-term earnings and rate base growth targets.

Key Figures

Bond size 2036: $450 million Coupon 2036 bonds: 4.80% Issue price 2036: 99.926% +5 more

Bond size 2036

$450 million

4.80% first mortgage bonds due 2036

Coupon 2036 bonds

4.80%

First mortgage bonds due 2036

Issue price 2036

99.926%

Of principal amount for 2036 bonds

Bond size 2056

$450 million

5.55% first mortgage bonds due 2056

Coupon 2056 bonds

5.55%

First mortgage bonds due 2056

Issue price 2056

99.619%

Of principal amount for 2056 bonds

Electric customers

1.3 million

Ameren Missouri electric customers in central and eastern Missouri

Gas customers

135,000

Ameren Missouri natural gas customers in central and eastern Missouri

Historical Context

5 past events · Latest: Feb 12

5 events

1. Feb 12

   Grid investment plan

   24h Move

   +3.1%

   Updated Smart Energy Plan outlining 5-year grid and reliability upgrades.

2. Feb 11

   Project approval

   24h Move

   +0.2%

   Regulatory approval for Big Hollow hybrid gas and battery energy center.

3. Feb 11

   Earnings and guidance

   24h Move

   +0.2%

   2025 results with higher EPS, affirmed 2026 guidance and long-term growth outlook.

4. Feb 09

   Board appointment

   24h Move

   +1.5%

   Appointment of experienced nuclear-generation executive to Ameren’s board.

5. Feb 06

   Dividend increase

   24h Move

   +0.3%

   Quarterly dividend raised 5.6%, extending 13-year growth streak.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

first mortgage bonds, prospectus supplement, public offering

3 terms

first mortgage bonds financial

"announced today the pricing of a public offering of $450 million aggregate principal amount of 4.80% first mortgage bonds"

First mortgage bonds are debt securities backed by a company’s property, granting bondholders the primary legal claim to that real estate if the issuer cannot pay. Think of them as being first in line for repayment, like a homeowner’s mortgage lender who gets paid before other creditors. For investors, this priority and the tangible collateral typically make these bonds less risky than unsecured debt, which can mean lower yields but greater protection in bankruptcy.

prospectus supplement regulatory

"The offering is being made only by means of a prospectus and related prospectus supplement."

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.

public offering financial

"announced today the pricing of a public offering of $450 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.

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

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ST. LOUIS, Feb. 23, 2026 /PRNewswire/ -- Union Electric Company, doing business as Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), announced today the pricing of a public offering of $450 million aggregate principal amount of 4.80% first mortgage bonds due 2036 at 99.926% of their principal amount and $450 million aggregate principal amount of 5.55% first mortgage bonds due 2056 at 99.619% of their principal amount. The transaction is expected to close on February 27, 2026, subject to the satisfaction of customary closing conditions.

Ameren Missouri intends to use the net proceeds of the offering to refinance short-term debt and/or fund near-term capital expenditures.

Barclays Capital Inc., BofA Securities, Inc., Mizuho Securities USA LLC, MUFG Securities Americas 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 MUFG Securities Americas Inc., 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, Attention: Capital Markets Group, Telephone: 1-877-649-6848.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the first mortgage bonds 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 Missouri
Ameren Missouri has been providing electric and gas service for more than 100 years, and the company's electric rates are among the lowest in the nation. Ameren Missouri's mission is to power the quality of life for its approximately 1.3 million electric and 135,000 natural gas customers in central and eastern Missouri. The company's service area covers approximately 60 counties and more than 500 communities, including the greater St. Louis area.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ameren-missouri-announces-pricing-of-first-mortgage-bonds-due-2036-and-first-mortgage-bonds-due-2056-302695099.html

SOURCE Ameren Missouri

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What bonds did Ameren Missouri (AEE) price on February 23, 2026?

Ameren Missouri priced $450M 4.80% bonds due 2036 and $450M 5.55% bonds due 2056 on February 23, 2026. According to the company, both series were priced at approximately 99.9% of principal and total $900 million.

When will the Ameren Missouri (AEE) bond offering close and fund proceeds?

The offering is expected to close on February 27, 2026 subject to customary closing conditions. According to the company, net proceeds will be used to refinance short-term debt and/or fund near-term capital expenditures.

How much did Ameren Missouri (AEE) raise and at what pricing levels?

Ameren Missouri raised $900 million total, with each series $450 million; pricing was 99.926% for 4.80% 2036 and 99.619% for 5.55% 2056. According to the company, those are the stated pricing levels.

What will Ameren Missouri (AEE) use the bond proceeds for?

Ameren Missouri intends to use net proceeds to refinance short-term debt and/or fund near-term capital expenditures. According to the company, those stated uses are the planned allocation of proceeds.

Who are the joint book-running managers for Ameren Missouri's (AEE) offering?

Barclays, BofA Securities, Mizuho Securities USA, MUFG Securities Americas and Wells Fargo are joint book-running managers for the offering. According to the company, these firms are managing the public sale process.

Where can investors find the prospectus supplement for Ameren Missouri (AEE) bonds?

The prospectus supplement will be filed with the SEC and made available on www.sec.gov. According to the company, copies can also be requested from MUFG Securities Americas' Capital Markets Group as noted in the notice.