Every 424B that American Electric Power Company, Inc. (AEP) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow AEP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AEP filings page.
American Electric Power Company, Inc. is offering 20,472,442 shares of common stock through forward sale agreements with Bank of America, Goldman Sachs and Morgan Stanley. The initial public offering price is $127.00 per share and the initial forward sale price is $124.968 per share. Settlement may occur on or prior to May 31, 2028. The company expects to receive net proceeds of approximately $2.56 billion upon full physical settlement and has granted the underwriters a 30-day option to purchase up to an additional 3,070,866 shares. The forward sale agreements permit physical settlement, cash settlement or net share settlement; the company will not receive proceeds on the closing date unless shares are issued to the underwriters in lieu of forward sellers.
American Electric Power Company, Inc. is offering an aggregate of $2,600,000,000 of shares of its common stock through forward sale agreements under which third parties (the “forward sellers”) will borrow and sell shares to the underwriters. The forward sale agreements permit settlement on or prior to May 31, 2028, and AEP will not initially receive proceeds from the shares sold by the forward sellers; AEP expects to receive net proceeds only upon physical settlement of the forward sale agreements. The offering includes an underwriter option to purchase up to an additional $390,000,000 of shares. The prospectus supplement discloses alternative settlement mechanics (physical settlement, cash settlement or net share settlement), settlement-price adjustments tied to an overnight bank funding rate less a spread, and potential dilution and acceleration risks tied to the forward sale agreement terms.
American Electric Power Company, Inc. is planning a public offering of additional fixed-to-fixed reset rate junior subordinated debentures in two series, Series C and Series D. These securities pay fixed interest initially, then reset every five years to the Five-Year Treasury Rate plus a set spread, with floors so Series C cannot drop below 5.800% and Series D cannot drop below 6.050%. Both series mature on March 15, 2056 and are being issued as fungible reopenings of debentures first sold on September 25, 2025.
The debentures are unsecured and junior to all senior indebtedness at the parent level and effectively junior to substantial debt at subsidiaries. AEP may defer interest payments on either series for up to 10 consecutive years, during which deferred interest compounds, and during any deferral period the company is restricted from paying dividends or repurchasing junior or pari passu securities, subject to exceptions. The debentures are callable in specified windows and upon certain tax or rating-agency events, will not be listed on an exchange, and proceeds are earmarked for general corporate purposes.
American Electric Power Company, Inc. is launching an at-the-market equity program to sell shares of its common stock with an aggregate offering price of up to $3.5 billion. Sales may be made from time to time through multiple banks acting as sales agents, principals, and forward sellers under a distribution agreement.
The company may also enter into forward sale agreements where affiliated forward purchasers borrow and sell AEP shares, with AEP receiving cash only upon later physical or cash settlement. Net proceeds that AEP receives from direct issuances or settlements are intended for general corporate purposes. The shares will be sold at prevailing market prices on the Nasdaq Global Select Market, where AEP trades under the symbol “AEP”, and agents and forward sellers can earn commissions of up to 2% of the sale price.