|Issuer:||AEP Texas Inc.|
Baa2 (stable) by Moody’s Investors Service, Inc.
A- (stable) by S&P Global Ratings, a division of S&P Global Inc.
BBB+ (stable) by Fitch Ratings, Inc.
|Transaction Date:||May 16, 2022|
|Settlement Date:||May 18, 2022 (T+2)|
|Designation:||Senior Notes, Series K, due 2032||Senior Notes, Series L, due 2052|
|Maturity:||May 15, 2032||May 15, 2052|
|Interest Payment Dates:||May 15 and November 15||May 15 and November 15|
|First Interest Payment Date:||November 15, 2022||November 15, 2022|
|Treasury Benchmark:||2.875% due May 15, 2032||2.250% due February 15, 2052|
T+185 basis points
|T+215 basis points|
|Yield to Maturity:||4.736%||5.261%|
|Price to Public:||99.716% of the principal amount thereof||99.836% of the principal amount thereof|
Prior to February 15, 2032 at a discount rate of the Treasury Rate plus 30 basis points
Prior to November 15, 2051 at a discount rate of the Treasury Rate plus 35 basis points
On or after February 15, 2032 at par
On or after November 15, 2051 at par
|CUSIP/ISIN:||00108W AP5/US00108WAP59||00108W AQ3/US00108WAQ33|
|Minimum Denomination:||$2,000 and integral multiples of $1,000 in excess thereof|
|Joint Book-Running Managers:|
BofA Securities, Inc.
BNY Mellon Capital Markets, LLC
Mizuho Securities USA LLC
MUFG Securities Americas Inc.
PNC Capital Markets LLC
Credit Agricole Securities (USA) Inc.
Credit Suisse Securities (USA) LLC
TD Securities (USA) LLC
AmeriVet Securities, Inc.
Siebert Williams Shank & Co., LLC