Filed pursuant to Rule 433
RegistrationNo. 333-225103
August 6, 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 N, due 2048 | |
| Principal Amount: | $475,000,000 | |
| Maturity: | August 15, 2048 | |
| Coupon: | 4.25% | |
| Interest Payment Dates: | February 15 and August 15 | |
| First Interest Payment Date: | February 15, 2019 | |
| Treasury Benchmark: | 3.00% due February 15, 2048 | |
| Treasury Yield: | 3.084% | |
| Reoffer Spread: | T+ 120 basis points | |
| Yield to Maturity: | 4.284% | |
| Price to Public: | 99.428% of the principal amount thereof | |
| Transaction Date: | August 6, 2018 | |
| Settlement Date: | August 8, 2018 (T+2) | |
| Redemption Terms: | ||
Make-whole call: | Prior to February 15, 2048 at a discount rate of the Treasury Rate plus 20 basis points | |
Par call: | On or after February 15, 2048 at par | |
| Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof | |
| CUSIP/ISIN: | 454889 AT3 / US454889AT36 | |
| Joint Book-Running Managers: | BNY Mellon Capital Markets, LLC Credit Agricole Securities (USA) Inc. Credit Suisse Securities (USA) LLC PNC Capital Markets LLC | |
| Co-Manager: | RBC 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.
