Published on 3/4/2014 in the Prospect News High Yield Daily.
New Issue: AES prices upsized $750 million 10-year notes at par to yield 5½%
By Paul A. Harris
Portland, Ore., March 4 - AES Corp. priced an upsized $750 million issue of 10-year senior notes (Ba3/BB-/) at par to yield 5½% on Tuesday, according to a market source.
The deal was upsized from $500 million.
The yield printed at the tight end of the 5½% to 5 5/8% yield talk.
Goldman Sachs & Co., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC were the joint bookrunners.
The Arlington, Va.-based power producer plans to use the proceeds to fund tender offers, including its 8% senior notes due 2017, its 7¾% senior notes due 2015 and its 9¾% senior notes due 2016.
Issuer: | AES Corp.
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Amount: | $750 million, increased from $500 million
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Maturity: | March 15, 2024
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Securities: | Senior notes
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Bookrunners: | Goldman Sachs & Co., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC
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Co-managers: | BNP Paribas, Credit Agricole CIB, HSBC, Mitsubishi UFJ Securities, RBS Securities Inc., SG CIB
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Coupon: | 5½%
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Price: | Par
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Yield: | 5½%
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Spread: | 282 bps
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First call: | March 15, 2019 at 102.75
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Trade date: | March 4
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Settlement date: | March 7
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Ratings: | Moody's: Ba3
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| Standard & Poor's: BB-
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Distribution: | SEC registered
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Price talk: | 5½% to 5 5/8%
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Marketing: | Quick to market
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