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AES offers to purchase, solicits consents on notes due 2025, 2026, 2027
By Taylor Fox
New York, Nov. 19 – AES Corp. has begun tender offers to purchase for cash any and all of its $544 million outstanding 5.5% senior notes due 2025 (Cusip: 00130HBW4), $500 million outstanding 6% senior notes due 2026 (Cusip: 00130HBX2) and $500 million outstanding 5.125% senior notes due 2027 (Cusip: 00130HBY0), according to a news release.
AES is offering a total consideration per $1,000 principal amount of $1,030.50 for the 2025 notes, $1,053.60 for the 2026 notes and $1,101.95 for the 2027 notes.
Holders who tender notes prior to the 5 p.m. ET Dec. 3 early tender deadline will receive the total consideration, which includes an early tender premium of $30 per $1,000 of notes tendered.
Payments for securities purchased will include interest.
AES is also soliciting consents to amend the indenture governing the securities to eliminate substantially all of the restrictive covenants and events of default in the indentures and to shorten the minimum notice requirements for optional redemption with respect to the securities from 30 days to three business days.
The consent solicitation and offers will expire at 11:59 p.m. ET Dec. 17.
The company may choose to settle early tenders on an early settlement date. The final settlement date is expected to be Dec. 21.
Tenders may be withdrawn at or prior to 5 p.m. ET Dec. 3.
The tender offers are not conditioned on any minimum amount being tendered but are subject to a financing condition.
BofA Securities Inc. (980 387-3907; debt_advisory@bofa.com) is the dealer manager and solicitation agent.
Global Bondholder Services Corp. (212 430-3774, 866 470-4200) is the information agent and depositary agent.
The issuer is an Arlington, Va.-based power company.
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