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AES begins tender offers for up to $300 million of three note series
By Susanna Moon
Chicago, Feb. 14 - AES Corp. said it began tender offers for up to $300 million aggregate principal amount of three series of its notes.
Covered by the tender offers are the company's $1.15 billion of 7¾% senior notes due 2015, $356 million of 9¾% senior notes due 2016 and $368,826,000 of 8% senior notes due 2017, listed in order of priority acceptance level.
The total purchase price for each $1,000 principal amount will be $1,205 for the 7¾% notes, $1,111.80 for the 9¾% notes and $1,185.21 for the 8% notes. The total payment includes a $30.00 early tender premium per $1,000 of notes tendered by 5 p.m. ET on Feb. 28, the early tender date.
Those who tender after the early tender deadline will receive the total payment less the early tender premium.
The tender offers will end at 11:59 p.m. ET on March 14.
The company also will pay accrued interest up to but excluding the settlement date of March 6 for early tendered notes and March 17 for remaining tenders.
Tendered notes may be withdrawn by the early tender deadline.
The tender offers are conditioned on the company obtaining debt financing with enough proceeds to fund the offer, according to a company press release.
Goldman, Sachs & Co. (attn: liability management group, 800 828-3182, 212 902-6941 collect) and Credit Suisse Securities (USA) LLC (attn: liability management group, 800 820-1653, 212 325-2476 collect) are the dealer managers. Global Bondholder Services Corp. (attn: corporate actions, 212 430-3774 for banks and brokers or 866 470-4200) is the information and depositary agent.
AES is an Arlington, Va.-based electric company.
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