Filed pursuant to Rule 433
Registration No. 333-207836
April 30, 2018
PRICING TERM SHEET
| Issuer: | Indiana Michigan Power Company | |
| Expected Ratings*: | A3 (stable) by Moody’s Investors Service, Inc. A- (stable) by S&P Global Ratings | |
| Designation: | Senior Notes, Series M, due 2028 | |
| Principal Amount: | $350,000,000 | |
| Maturity: | May 15, 2028 | |
| Coupon: | 3.85% | |
| Interest Payment Dates: | May 15 and November 15 | |
| First Interest Payment Date: | November 15, 2018 | |
| Treasury Benchmark: | 2.75% due February 15, 2028 | |
| Treasury Yield: | 2.938% | |
| Reoffer Spread: | T+ 95 basis points | |
| Yield to Maturity: | 3.888% | |
| Price to Public: | 99.685% of the principal amount thereof | |
| Transaction Date: | April 30, 2018 | |
| Settlement Date: | May 2, 2018 (T+2) | |
| Redemption Terms: | ||
Make-whole call: | Prior to February 15, 2028 at a discount rate of the Treasury Rate plus 15 basis points | |
Par call: | On or after February 15, 2028 at par | |
| Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof | |
| CUSIP/ISIN: | 454889 AS5 / US454889AS52 | |
| Joint Book-Running Managers: | BNY Mellon Capital Markets, LLC Credit Agricole Securities (USA) Inc. Credit Suisse Securities (USA) LLC PNC Capital Markets LLC | |
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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 BNY Mellon Capital Markets, LLC, toll-free at1-800-269-6864, Credit Agricole Securities (USA) Inc., toll-free at1-866-807-6030, Credit Suisse Securities (USA) LLC, toll-free at1-800-221-1037 or PNC Capital Markets LLC, toll-free at1-855-881-0697.
