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Prospect News home > News index > List of issuers A > Headlines for AES Corp. > News item
Published on 4/25/2013 in the Prospect News High Yield Daily.

New Issue: AES prices $500 million of 10-year senior notes at par to yield 4 7/8%

By Aleesia Forni

Virginia Beach, Va., April 25 - The AES Corp. came to Thursday's primary with a $500 million sale of 4 7/8% senior notes (/BB-/) due May 15, 2023, which priced at par, according to a market source.

The notes priced on top of talk, which had tightened from earlier guidance of 5% to 5¼%.

Proceeds will be used to partially fund the tender offer for the company's notes due 2014 and a portion of the notes due 2015, 2016 and 2017. Any remaining proceeds will be used for general corporate purposes.

Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and RBS Securities Inc. are the bookrunners for the Securities and Exchange Commission-registered deal.

The power company is based in Arlington, Va.

Issuer:AES Corp.
Amount:$500 million
Maturity:May 15, 2023
Securities:Senior notes
Bookrunners:Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBS Securities Inc.
Co-managers:BNP Paribas Securities Corp., BofA Merrill Lynch, Credit Agricole CIB, Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities, Societe Generale
Coupon:4 7/8%
Price:Par
Yield:4 7/8%
Spread:Treasuries plus 316 bps
Call features:Callable at 102.4375 on or after May 15, 2018, then at 101.625, 100.8125 and par on or after May 15, 2021
Change of control:Investor put at 101
Trade date:April 25
Settlement date:April 30
Rating:Standard & Poor's: BB-
Distribution:Securities and Exchange Commission-registered
Price talk:4 7/8%, tightened from 5% to 5¼%

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