American Electric Power (AEP) priced a public offering of roughly 20.5 million common shares at $127 each, the company said late Tuesday.
Underwriters have a 30-day option to buy up to 3.1 million additional shares.
The company plans to use the proceeds for general corporate purposes.
Final settlement of certain forward-sale agreements in connection with the offering is expected to take place by May 31, 2028, American Electric Power said.
The company's shares were down 3.2% in premarket activity Wednesday.
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