<SEC-DOCUMENT>0000004904-25-000190.txt : 20251203
<SEC-HEADER>0000004904-25-000190.hdr.sgml : 20251203
<ACCEPTANCE-DATETIME>20251203171713
ACCESSION NUMBER:		0000004904-25-000190
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251203
DATE AS OF CHANGE:		20251203

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN ELECTRIC POWER CO INC
		CENTRAL INDEX KEY:			0000004904
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				134922640
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-291275
		FILM NUMBER:		251547400

	BUSINESS ADDRESS:	
		STREET 1:		1 RIVERSIDE PLAZA
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215
		BUSINESS PHONE:		614-716-1000

	MAIL ADDRESS:	
		STREET 1:		1 RIVERSIDE PLAZA
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KINGSPORT UTILITIES INC
		DATE OF NAME CHANGE:	19660906

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN ELECTRIC POWER CO INC
		CENTRAL INDEX KEY:			0000004904
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				134922640
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1 RIVERSIDE PLAZA
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215
		BUSINESS PHONE:		614-716-1000

	MAIL ADDRESS:	
		STREET 1:		1 RIVERSIDE PLAZA
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KINGSPORT UTILITIES INC
		DATE OF NAME CHANGE:	19660906
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>a12-2025fwpjsd.htm
<DESCRIPTION>FWP
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="ia59026bcdc99454a871df8d180450b09_54"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:120%">Filed pursuant to Rule 433</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:120%">Registration No. 333-</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">291275</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:120%">December 3, 2025</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">PRICING TERM SHEET</font></div><div style="text-align:center"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:22.831%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.361%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.508%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.35pt">Issuer&#58;</font></div></td><td colspan="6" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">American Electric Power Company, Inc.</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Transaction Date&#58;</font></td><td colspan="6" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.75pt">December 3, 2025</font></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Settlement Date&#58;</font></td><td colspan="6" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.75pt">December 5, 2025 (T+2)</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:-2.33pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">Designation&#58;</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">5.800% Fixed-to-Fixed Reset Rate Junior Subordinated Debentures Series C due 2056</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">6.050% Fixed-to-Fixed Reset Rate Junior Subordinated Debentures Series D due 2056</font></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Principal Amount&#58;</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">$400,000,000</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">The New Series C Debentures offered hereby will be treated as a single series with the initial Series C Debentures offered on September 25, 2025 and will have the same terms (other than the issue date and issue price).  The New Series C Debentures are expected to have the same CUSIP and ISIN numbers as, and to be fungible for trading purposes with, the Existing Series C Debentures.  Upon the issuance of the New Series C Debentures offered hereby, the aggregate principal amount of outstanding Series C Debentures will be $1,500,000,000.</font></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">$600,000,000</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">The New Series D Debentures offered hereby will be treated as a single series with the initial Series D Debentures offered on September 25, 2025 and will have the same terms (other than the issue date and issue price).  The New Series D Debentures are expected to have the same CUSIP and ISIN numbers as, and to be fungible for trading purposes with, the Existing Series D Debentures.  Upon the issuance of the New Series D Debentures offered hereby, the aggregate principal amount of outstanding Series D Debentures will be $1,500,000,000.</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Maturity&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">March 15, 2056</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">March 15, 2056</font></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Interest Rate&#58;</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">(i) from and including the date of original issuance to, but excluding, March 15, 2031 at an annual rate of 5.800% and (ii) from and including March 15, 2031 during each Interest Reset Period at an annual rate equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date, plus 2.128%&#59; provided, that the interest rate during any Series C Interest Reset Period will not reset below 5.800%</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">(i) from and including the date of original issuance to, but excluding, March 15, 2036 at an annual rate of 6.050% and (ii) from and including March 15, 2036 during each Interest Reset Period at an annual rate equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date, plus 1.940%&#59; provided, that the interest rate during any Series D Interest Reset Period will not reset below 6.050%</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Optional Deferral&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Up to 10 consecutive years per deferral</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Up to 10 consecutive years per deferral</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Interest Payment Dates&#58;</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">March 15 and September 15</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">March 15 and September 15</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:-2.33pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">First Interest Payment Date&#58;</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">March 15, 2026</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">March 15, 2026</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:-2.33pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.90pt">Day Count Convention&#58;</font></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">30&#47;360</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">30&#47;360</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Price to Public&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">98.718% of the principal amount thereof, plus accrued and unpaid interest from September 25, 2025 (totaling $4,511,111.11)</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">98.160% of the principal amount thereof, plus accrued and unpaid interest from September 25, 2025 (totaling $7,058,333.33)</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Redemption Terms&#58;</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">In whole or in part on one or more occasions at a price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (i) on any day in the period commencing on the date falling 90 days prior to the first Series C Reset Date and ending on and including the first Series C Reset Date and (ii) after the first Series C Reset Date, on any interest payment date </font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">In whole or in part on one or more occasions at a price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (i) on any day in the period commencing on the date falling 90 days prior to the first Series D Reset Date and ending on and including the first Series D Reset Date and (ii) after the first Series D Reset Date, on any interest payment date</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Call for Tax Event&#58;</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">In whole, but not in part, at 100% of the principal amount, plus any accrued and unpaid interest</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">In whole, but not in part, at 100% of the principal amount, plus any accrued and unpaid interest</font></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:22.831%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.361%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.508%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">Call for Rating Agency Event&#58;</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">In whole, but not in part, at 102% of the principal amount, plus any accrued and unpaid interest</font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">In whole, but not in part, at 102% of the principal amount, plus any accrued and unpaid interest</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:12.05pt">CUSIP&#47;ISIN&#58;</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">02557T AE9 &#47; US02557TAE91</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:100%">02557T AF6 &#47; US02557TAF66</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:12.05pt">Minimum Denomination&#58;</font></div></td><td colspan="6" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.65pt">$2,000 and integral multiples of $1,000 in excess thereof</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:-2.33pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:12.05pt">Joint Book-Running Managers&#58;</font></div></td><td colspan="6" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">Guggenheim Securities, LLC</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">J.P. Morgan Securities LLC</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">MUFG Securities Americas Inc.</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">PNC Capital Markets LLC</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">Scotia Capital (USA) Inc.</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">Wells Fargo Securities, LLC</font></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:-2.33pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:12.05pt">Co-Managers&#58;</font></div></td><td colspan="6" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">BNY Mellon Capital Markets, LLC</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">CIBC World Markets Corp.</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">Credit Agricole Securities (USA) Inc.</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">TD Securities (USA) LLC</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:-2.33pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:12.05pt">Ratings*&#58;</font></div></td><td colspan="6" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">Baa3 (Stable) by Moody&#8217;s Investors Service, Inc.</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">BBB- (Stable) by S&#38;P Global Ratings, a division of S&#38;P Global Inc.</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:11.95pt">BB+ (Stable) by Fitch Ratings, Inc.</font></div></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:700;line-height:120%">*Note&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:120%">A securities rating is not a recommendation to buy, sell or hold securities and may be subject to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:400;line-height:120%">revision or withdrawal at any time.</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10.5pt;font-weight:700;line-height:120%">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.  Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Guggenheim Securities, LLC collect at (212) 518-9544, J.P. Morgan Securities LLC collect at (212) 834-4533, MUFG Securities Americas Inc. toll-free at (877) 649-6848, PNC Capital Markets LLC toll-free at (855) 881-0697, Scotia Capital (USA) Inc. toll-free at (800) 372-3930 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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