By Paul A. Harris
Portland, Ore., May 14 - AES Corp. priced a $250 million add-on to its 4 7/8% senior notes (Ba3/BB-/) due May 15, 2023 at 102 to yield 4.622%, according to an informed source.
The reoffer price came on top of price talk.
Morgan Stanley & Co. LLC was the bookrunner.
The Arlington, Va.-based power company plans to use the proceeds to fund its tender offers, with any remaining proceeds to be used to repay debt and for general corporate purposes.
AES is tendering for its 7¾% senior notes due 2014, its 7¾% senior notes due 2015, its 9¾% senior notes due 2016 and its 8% senior notes due 2017.
| Issuer: | AES Corp.
|
| Face amount: | $250 million
|
| Proceeds: | $255 million
|
| Maturity: | May 15, 2023
|
| Security description: | Add-on to 4.622% senior notes due May 15, 2023
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Coupon: | 4 7/8%
|
| Price: | 102
|
| Yield to maturity: | 4.622%
|
| Spread: | 270 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 put: | 101%
|
| Trade date: | May 14
|
| Settlement date: | May 17
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | 102
|
| Distribution: | SEC registered
|
| Marketing: | Quick to market
|
| Original issue: | $500 million priced at par on April 25
|
| Fungibility: | New notes will be immediately fungible with the existing notes
|
| Total issue size: | $750 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
