Ameren prices $900M in subordinated notes, in top half of deals by size
What's the deal? Ameren CorporationDealroom has a profile for this one. Try Dealroom → has priced a $900 million public offering of junior subordinated notes due 2057, the St. Louis-based utility announced on September 8, 2026. The notes priced at 100% of principal, with the transaction expected to close on September 18.
The terms: The notes carry an annual interest rate of 6.450% through March 15, 2032. After that, the rate resets each period to the Five-Year Treasury Rate plus 1.868%, with a floor of 6.450%.
What's the money for? Ameren intends to use the net proceeds for general corporate purposes, including repaying short-term debt.
Who's involved? BarclaysDealroom has a profile for this one. Try Dealroom →, BofA SecuritiesDealroom has a profile for this one. Try Dealroom →, J.P. Morgan, Morgan StanleyDealroom has a profile for this one. Try Dealroom →, MUFG Securities, Truist SecuritiesDealroom has a profile for this one. Try Dealroom →, PNC Capital MarketsDealroom has a profile for this one. Try Dealroom →, and Scotia CapitalDealroom has a profile for this one. Try Dealroom → are acting as joint book-running managers.
The context: Ameren powers 2.5 million electric customers and more than 900,000 natural gas customers across a 64,000-square-mile area through its Ameren MissouriDealroom has a profile for this one. Try Dealroom → and Ameren IllinoisDealroom has a profile for this one. Try Dealroom → utility subsidiaries.
The signal: At $900 million, the raise sits in the top half of deals by size — above the 57th percentile. For a rate-regulated utility, tapping the debt markets at scale reflects the steady capital appetite required to fund and refinance infrastructure across its Midwest footprint.
Image credit: Ameren
