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July 2, 2002News Release
COLUMBUS, Ohio, July 2, 2002 - Kentucky Power Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), today announced that on Aug. 1, 2002, it will redeem all of the outstanding $45,000,000 principal amount of the following series of First Mortgage Bonds Designated Secured Medium-Term Notes:
  • $15,000,000 principal amount of 6.65% Series due May 1, 2003,

  • $15,000,000 principal amount of 6.70% Series due June 1, 2003, and

  • $15,000,000 principal amount of 6.70% Series due July 1, 2003,
at 100 percent of the principal amount of the bonds together with accrued interest to the date of redemption, to be paid upon presentment. Interest payable on Aug. 1 on the two 6.70% Series will be paid in the usual manner.

The notice of redemption is expected to be mailed today.

This redemption is in accordance with the terms of the mortgage under which the bonds were issued. The mortgage permits the company to redeem the bonds with funds deposited with the trustee.

Deutsche Bank Trust Company Americas is the redemption agent and trustee.

Bette Jo Rozsa
Managing Director, Investor Relations
614/223-2840

Geoffrey Chatas
Vice President, Investor Relations and Corporate Finance
614/223-2873

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