AES amends $800 million revolving credit facility to lower pricing

By Marisa Wong

Madison, Wis., July 29 - AES Corp. entered into a third amendment to its fifth amended and restated credit and reimbursement agreement dated July 29, 2010 to lower pricing, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate for revolving loans is now Libor plus an applicable margin of 200 basis points to 250 bps, depending on the company's credit rating. The current rate is Libor plus 225 bps, a 75 bps decrease from the prior rate.

Under the amended credit agreement, there is a commitment fee that ranges from 25 bps to 50 bps. The undrawn fee is currently 50 bps.

AES also amended the agreement to release subsidiary guarantors from their obligations under the existing facility.

The aggregate commitment for the revolving credit facility remains $800 million, the filing noted.

The Arlington, Va.-based electric company completed the amendment on Friday.

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