American Electric Power’s Appalachian Powerare out with price whispers on a $380 million utility tariff rate relief bond via lead arranger Morgan Stanley and financial advisor Public Resources Advisory Group (PRAG).

The West Virginia utility bond securitization, dubbed Appalachian Consumer Rate Relief Funding LLC, is structured with a $217.5 million, five-year bond and a $162.8 million, 12-year bond. Morgan Stanley, jointly with RBS Securities are the lead underwriters on the deal. Moody’s Investor Service has assigned both classes of notes a preliminary ‘Aaa’ rating.

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