Appalachian Power Co. Issues $1.3755B Series 2026-A Senior Secured Bonds

What Happened

• Appalachian Power Recovery Funding LLC (the “Issuing Entity”), related to Appalachian Power Company, issued $1,375,500,000 aggregate principal amount of Series 2026-A Senior Secured SAC Bonds on May 27, 2026.
• The bonds were issued under an Indenture dated May 27, 2026, among the Issuing Entity, U.S. Bank Trust Company, National Association (Indenture Trustee), and U.S. Bank National Association (Securities Intermediary), and were offered pursuant to a Prospectus dated May 19, 2026.

Key Details

• Issuer: Appalachian Power Recovery Funding LLC (affiliated with Appalachian Power Company).
• Amount: $1,375,500,000 aggregate principal of Series 2026-A Senior Secured SAC Bonds.
• Date: Bonds issued and Indenture dated May 27, 2026; Prospectus dated May 19, 2026.
• Trustees/Intermediary: U.S. Bank Trust Company, N.A. (Indenture Trustee); U.S. Bank National Association (Securities Intermediary).

Why It Matters

• The filing notifies investors that a substantial new secured bond issuance has been completed by an Appalachian Power affiliate, which creates additional funded debt for the issuing entity and may be relevant to credit and financing analyses of Appalachian Power’s capital structure.
• Investors and analysts will watch related disclosures and credit documents for details on security, priority, covenants, and any links between the Issuing Entity’s obligations and Appalachian Power’s operations or rate recovery mechanisms.