SOUTHWESTERN ELECTRIC POWER CO 8-K

What Happened

• Southwestern Electric Power Company filed an 8-K reporting that on March 5, 2026 it entered into an underwriting agreement to sell $1.4 billion of senior notes in three series: $300 million of 5.30% Senior Notes, Series P (due 2033), $600 million of 5.20% Senior Notes, Series Q (due 2036), and $500 million of 5.90% Senior Notes, Series R (due 2056). The Series P notes are part of a series originally issued March 30, 2023; upon completion of this offering total outstanding Senior P Notes will be $650 million.

Key Details

• Offering size and coupons: $300M at 5.30% (Series P), $600M at 5.20% (Series Q), $500M at 5.90% (Series R); total $1.4B.
• Maturities: Series P due 2033, Series Q due 2036, Series R due 2056.
• Agreement date and underwriters: Underwriting Agreement dated March 5, 2026 with BNY Mellon Capital Markets, Huntington Securities, Mizuho Securities USA and Scotia Capital (USA) as representatives.
• Related documents: Supplemental indentures dated March 1, 2026 establish the terms of the three series.

Why It Matters

• The company is securing $1.4 billion of long-term, fixed-rate financing, which will increase its outstanding debt and affect future interest expense and capital structure. Investors should note the coupon rates and long maturities (2033–2056) when assessing leverage and interest-rate exposure. The 8-K does not specify use of proceeds.