India, May 12 -- American Electric Power (AEP) announced the commencement of a registered underwritten offering of $2.6 billion of shares of its common stock. All shares are expected to be borrowed by the forward counterparties from third parties and sold to the underwriters and offered in connection with the forward sale agreements.
In connection with the offering, AEP expects to enter into forward sale agreements with each of Bank of America, N.A., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC under which AEP will agree to issue and sell to the forward counterparties an aggregate of $2.6 billion of shares of its common stock at an initial forward sale price per share equal to the price per share at which the underwriters purchase ...