Filed pursuant to Rule 433
Registration No. 333-258961
March 28, 2023
PRICING TERM SHEET
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| Issuer: | Southwestern Electric Power Company |
| Expected Ratings*: | Baa2 (Stable) by Moody’s Investors Service, Inc. A- (Stable) by S&P Global Ratings, a division of S&P Global Inc. BBB+ (Stable) by Fitch Ratings, Inc. |
| Designation: | Senior Notes, Series P, due 2033 |
| Principal Amount: | $350,000,000 |
| Maturity: | April 1, 2033 |
| Coupon: | 5.30% |
| Interest Payment Dates: | April 1 and October 1 |
| First Interest Payment Date: | October 1, 2023 |
| Treasury Benchmark: | 3.500% due February 15, 2033 |
| Treasury Yield: | 3.537% |
| Reoffer Spread: | T+178 basis points |
| Yield to Maturity: | 5.317% |
| Price to Public: | 99.869% of the principal amount thereof |
| Transaction Date: | March 28, 2023 |
| Settlement Date: | March 30, 2023 (T+2) |
| Redemption Terms: |
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| Make-whole call: | Prior to January 1, 2033 at a discount rate of the Treasury Rate plus 30 basis points |
| Par call: | On or after January 1, 2033 at par |
| Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof |
| CUSIP/ISIN: | 845437 BU5/US845437BU53 |
| Joint Book-Running Managers: | Goldman Sachs & Co. LLC SMBC Nikko Securities America, Inc. Wells Fargo Securities, LLC |
| Co-Manager: | Samuel A. Ramirez & Company, Inc. |
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*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 Goldman Sachs & Co. LLC toll-free at (866) 471-2526, SMBC Nikko Securities America, Inc. toll-free at (888) 868-6856 or Wells Fargo Securities, LLC toll-free at (800) 645-3751.
