| Issuer: | Ohio Power Company | ||||
| Designation: | Senior Notes, Series T, due 2034 | ||||
| Principal Amount: | $350,000,000 | ||||
| Maturity: | June 1, 2034 | ||||
| Coupon: | 5.65% | ||||
| Interest Payment Dates: | June 1 and December 1 | ||||
| First Interest Payment Date: | December 1, 2024 | ||||
| Benchmark Treasury: | 4.000% due February 15, 2034 | ||||
| Benchmark Treasury Yield: | 4.577% | ||||
| Reoffer Spread: | T +110 basis points | ||||
| Yield to Maturity: | 5.677% | ||||
| Price to Public: | 99.789% of the principal amount thereof | ||||
| Transaction Date: | May 2, 2024 | ||||
| Settlement Date: | May 6, 2024 (T+2) | ||||
| Optional Redemption Terms: | |||||
| Make-whole call: | Prior to March 1, 2034 at a discount rate of the Treasury Rate plus 20 basis points | ||||
| Par call: | On or after March 1, 2034 at par | ||||
| Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof | ||||
| CUSIP/ISIN: | 677415 CW9 / US677415 CW95 | ||||
| Joint Book-Running Managers: | BNY Mellon Capital Markets, LLC Scotia Capital (USA) Inc. SMBC Nikko Securities America, Inc. | ||||
| Co-Manager: | Samuel A. Ramirez & Company, Inc. | ||||
| Expected Ratings*: | Baa1 (Stable) by Moody’s Investors Service, Inc. BBB+ (Negative) by S&P Global Ratings, a division of S&P Global Inc. A (Negative) by Fitch Ratings, Inc. | ||||
