Dayton Power & Light tenders for air quality bonds

New York, May 26 – Dayton Power & Light Co. began a tender offer for the $100 million of state of Ohio 4.8% air quality development revenue bonds 2006 series A (Dayton Power & Light Co. Project) due 2036, according to an 8-K filing with the Securities and Exchange Commission.

The company is carrying out the tender so that holders who wish to sell the bonds ahead of the transfer of the company’s generation assets to AES Ohio Generation, LLC may do so.

Following the separation, only assets and revenues from Dayton Power & Light’s regulated transmission and distribution business will be available to service and secure the bonds.

Holders of the bonds have already delivered consents to permit the release of the lien in the bonds’ mortgage indenture.

Dayton Power & Light is not seeking consents to amend the project bonds and the indenture, insurance from Financial Guaranty Insurance Co. and other terms will remain unchanged.

Both Dayton Power & Light and AES Ohio are subsidiaries of DPL Inc.

Dayton Power & Light is a Dayton, Ohio electric utility.

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