By Christine Van Dusen
Atlanta, May 4 – Dominican Republic-focused AES Andres Dominicana SPV sold $370 million 7.95% notes due 2026 (/B+/B+) at 97.984 to yield 8¼% on Wednesday, a market source said.
The notes were initially talked at a yield in low-to-mid-8% area. Then talk was revised to the 8 3/8% area.
Citigroup and Credit Suisse were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to repay outstanding bridge loans and for general corporate purposes.
Andres Dominicana is a special purpose vehicle for Virginia-based AES, a private power generator in the Dominican Republic.
| Issuer: | AES Andres Dominicana SPV
|
| Amount: | $370 million
|
| Maturity: | 2026
|
| Description: | Notes
|
| Bookrunners: | Citigroup, Credit Suisse
|
| Coupon: | 7.95%
|
| Price: | 97.984
|
| Yield: | 8¼%
|
| Call options: | Non-callable for five years
|
| Trade date: | May 4
|
| Ratings: | S&P: B+
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8 3/8% area
|
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