American Electric Power (AEP) said late Monday that it priced an offering of 19.6 million shares at $102 per share under forward sale agreements with Citibank (C) and Barclays Bank.
The company said it also gave underwriters a 30-day option to purchase an additional 2.94 million shares.
American Electric Power said it may choose cash or net share settlement, adding if physical settlement occurs, proceeds will be used for general corporate purposes, such as capital contributions, acquisitions, or debt repayment.
Settlement of the agreements is expected by Dec. 31, 2026.
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