Hunton & Williams Advises on Ohio Power Company $267.408 Million Phase-In-Recovery Bonds Offering

Hunton & Williams LLP advised Citigroup Global Markets Inc. and RBC Capital Markets, LLC as joint book-running managers on an SEC-registered offering of $267,408,000 aggregate principal amount of senior secured phase-in-recovery bonds by Ohio Phase-In-Recovery Funding LLC., issued pursuant to a securitization structure.

Ohio Phase-In-Recovery Funding LLC is a special purpose entity, wholly owned by Ohio Power Company ("OPCo"), created solely for the purpose of issuing the phase-in-recovery bonds. The bonds were issued pursuant to a financing order of the Public Utilities Commission of Ohio, issued pursuant to enabling legislation. The bonds are secured by phase-in-recovery property comprised of the rights and interests of OPCo or any successor under the financing order, which include the right to a special, irrevocable nonbypassable charge, paid by retail electric customers of OPCo, or any successor, and the right to obtain annual and more frequent true-up adjustments to those charges. The phase-in-recovery property was created at the time it was sold from Ohio Power Company to Ohio Phase-In-Recovery Funding LLC in connection with issuance of the bonds.

The Hunton & Williams LLP team included Steven Loeshelle, Michael Fitzpatrick and Adam O'Brian. Cary Tolley and Anna Page provided tax advice.