COLUMBUS, Ohio, July 12, 2002 -
West Texas Utilities Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), today announced that its tender for certain series of its First Mortgage Bonds expired at 5 p.m. New York City time on July 11, 2002.
As previously announced, this tender offer was implemented in order to restructure West Texas Utilities in connection with the deregulation of the electric industry in the state of Texas. West Texas Utilities currently intends that all bonds not tendered or otherwise acquired by West Texas Utilities will be defeased by the end of 2002. Defeasance will result in the discharge of the lien of the Indenture and cause the bonds to be deemed paid within the meaning of the defeasance provisions of the Indenture.
Salomon Smith Barney and Lehman Brothers acted as Dealer Managers for the tender offer. Inquiries may be directed to Salomon Smith Barney Inc. at (800) 558-3745 or to Lehman Brothers Inc. at (800) 438-3242, attention Emily Shanks, or collect at (212) 528-7581. The Information Agent was Mellon Investor Services and may be contacted at (888) 232-7136.
American Electric Power is a multinational energy company with a balanced portfolio of energy assets. AEP, the United States´ largest electricity generator, owns and operates more than 42,000 megawatts of generating capacity in the U.S. and select international markets. AEP is a leading wholesale energy marketer, ranking among North America´s top providers of wholesale power and natural gas with a growing wholesale presence in European markets. In addition to electricity generation, AEP owns and operates natural gas pipeline systems, natural gas storage, coal mines, and the fourth-largest inland barge company in the U.S. AEP is also one of the largest electric utilities in the United States, with almost 5 million customers linked to AEP´s wires. AEP is based in Columbus, Ohio.