ROCHESTER HILLS, MI, April 27, 2010 – Renaissance Capital Alliance (RCA) is pleased to announce the recent completion of a major refinance with American Electric Power (NYSE: AEP) for its utility services vehicle fleet. The leasing transaction totaled $75 million dollars and was another successful financial transaction for RCA, a Michigan-based Certified Minority Business Enterprise.
Ohio-based American Electric Power delivers electricity to over 5 million customers, servicing the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. Its utility service vehicle fleet, with over 10,000 units total, is paramount to supporting and maintaining its customers in the communities it serves, while improving electricity distribution efficiency and reliability.
“As a minority business enterprise, we were extremely pleased to have been selected to work with American Electric Power to structure this transaction,” said Ronald Hall, Sr., President of Renaissance Capital Alliance. “With a deadline of just under six weeks to work with, expediency
was of the utmost importance, and the professionalism and dedication that AEP exhibited throughout the process made it almost seamless,” added Hall.
America Electric Power maintains a Supplier Diversity Program aimed at increasing the number of minority and women-owned business partnerships in its procurement of products and services. AEP has partnered with a diverse group of suppliers that consistently provide the products and services needed for its employees to meet the needs of its customers. When the time came to refinance its fleet of utility service vehicles, AEP looked to Renaissance Capital Alliance as the perfect fit. “The 2009 leasing market was very challenging as a direct result of the hangover from the financial crisis. Completing this transaction with AEP in a difficult market was very rewarding and was only possible due to RCA’s ability to draw from its vast pool of financial resources” said Benjamin Denno, Vice President of RCA. “ It was a pleasure working with the AEP team on this important transaction and AEP and RCA look forward to working together on future transactions.”
Renaissance Capital Alliance is the top rated minority owned equipment lessor in the United States. The RCA team of professionals, selected from the most respected financial institutions in the country, are focused on servicing the needs of the Fortune 1000 corporations. RCA clients are the largest in their industry categories: Appliance Manufacturing, Automobile Manufacturing, Food
Processing, Oil Production and Refining, Coal Mining, Energy Production, Electrical Manufacturing and Distribution, Logistics, Railroad Transportation, Auto Parts Manufacturing, Electronic Component Manufacturing and others. RCA has a portfolio of $500 million and lease originations exceeding $1 billion. Clients rate RCA the highest in satisfaction in competitive rates, ease of documentation, flexible lease structures, customized invoicing and professional service
throughout the leasing cycle, including the end of the lease term.
Headquartered in Columbus, Ohio, American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation’s largest generators of electricity, owning nearly 38,000 megawatts of generating capacity in the U.S. AEP also owns the nation’s largest electricity transmission system, a nearly 39,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP’s transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP’s utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP corporate offices are located at 1 Riverside Plaza, Columbus, Ohio 43215. Call (614) 716-1000 or visit www.aep.com. American Electric Power (NYSE: AEP)
Renaissance Capital Alliance is a Certified Minority Business Enterprise specializing in the leasing of large ticket assets. RCA finances service vehicle fleets, mining equipment, construction equipment, aircraft, marine, manufacturing and plant equipment, shipping containers, material handling fleets and other similar assets to Fortune 1000 corporations and investment to near investment grade clients with a diversity initiative. RCA has a proven record to be a single source financial solution for all of a client’s equipment leasing needs from $1.0 million to $250.0 million. Renaissance Capital Alliance is located at 2005 W. Hamlin Road, Suite 200, Rochester Hills, Michigan 48309. Call (248) 299-7800. Fax: (248) 299-7810. Visit online at www.renaissancecapitalalliance.com