July 25, 2014 5:22 PM ET

Electric Utilities

Company Overview of Ohio Power Company

Company Overview

Ohio Power Company is engaged in the transmission and distribution of electric power in Ohio. The company serves various industries, including primary metals, chemicals and allied products, health services, electronic machinery, petroleum refining, and rubber and plastic products. It serves approximately 1,464,000 retail customers. The company was founded in 1907 and is based in Columbus, Ohio. Ohio Power Company is a subsidiary of American Electric Power Co., Inc.

1 Riverside Plaza

Columbus, OH 43215

United States

Founded in 1907

1,542 Employees

Phone:

614-716-1000

Key Executives for Ohio Power Company

Chief Executive Officer
Age: 54
Chief Financial Officer
Age: 46
Chief Accounting Officer and Controller
Secretary
Age: 66
Assistant Secretary
Compensation as of Fiscal Year 2014.

Ohio Power Company Key Developments

Ohio Power Company Announces 6.375% Senior Notes, Series I, Due 2033

Ohio Power Company announced that on August 12, 2013, it will redeem the entire outstanding $225 million principal amount of its 6.375% Senior Notes, Series I, due 2033. The notes will be redeemed at 100% of the principal amount outstanding (at par value of $100 per Senior Note) plus interest through the date of redemption. Notice of the redemption was mailed July 12, 2013. This redemption is in accordance with the terms of the indenture under which the notes were issued.

American Electric Power Co., Inc. and Subsidiaries Enters into $1,000 Million Term Credit Agreement

On July 17, 2013, American Electric Power Company, Inc.(AEP) terminated its $1,000,000,000 Twenty-Seven Month Term Credit Agreement, dated February 13, 2013, among AEP, the Initial Lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent, and was replaced with the credit agreement. On July 17, 2013, AEP, Appalachian Power Company (APCo), AEP Generation Resources Inc. (AGR), Kentucky Power Company (KPCo) and Ohio Power Company (OPCo) entered into a $1,000,000,000 Term Credit Agreement, dated as of July 17, 2013 among, APCo, AGR, KPCo and OPCo, severally and not jointly, as Borrowers AEP, as Guarantor of AGR, the Initial Lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent. This is a replacement Credit Agreement entered into to provide additional liquidity during the corporate separation process for OPCo. OPCo may assign borrowings under the Credit Agreement to AGR upon the transfer of OPCo's generation assets to AGR. Subject to regulatory approval, AGR may further assign a portion of the borrowings to APCo and KPCo upon AGR's subsequent transfer of certain of those generation assets to APCo and KPCo. Borrowings by OPCo under the Credit Agreements are available and will occur upon customary terms and conditions for facilities of this type. The Credit Agreement contains certain covenants and require AEP and each Borrower to maintain its percentage of debt to total capitalization at a level that does not exceed 67.5%. The method for calculating outstanding debt and other capital is contractually defined in the Credit Agreement. Nonperformance of these covenants could result in an event of default under the Credit Agreement. The acceleration of payment obligations or the obligations prior to maturity under any other agreement or instrument relating to debt outstanding in excess of $50 million would cause an event of default under the Credit Agreement and permit the lenders to declare outstanding amounts payable. The Credit Agreement does not permit the lenders to refuse a draw on the facility if a material adverse change occurs.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 7, 2013
780-Megawatt Mitchell Power Plant in West Virginia
 

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