News Digest

Fortnightly Magazine - June 1 2001
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Business Wire

American Electric Power completed a $1.25 billion two-part global note issuance, the first long-term debt issue of the holding company. (Previous issuances have been through AEP subsidiaries.) Proceeds from the notes will be used to pay down commercial paper reflecting the company's financing strategy of reducing short-term debt to a target 10 percent of total capitalization. The company had originally planned a $1 billion offering, but increased the offering because of strong investor demand in the United States and Europe.

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