New Issue AES prices upsized $775 million Libor plus 300 bps five-year floaters at 99.75

By Paul A. Harris

Portland, Ore., May 15 - AES Corp. priced an upsized $775 million issue of five-year senior floating-rate notes (Ba3/BB/) with a coupon of Libor plus 300 basis points at 99.75 on Thursday, according to a syndicate source.

The deal was upsized from $500 million.

The Libor spread came on top of spread talk. The reoffer price came at the rich end of the 99.5 to 99.75 price talk.

Citigroup Global Markets Inc., Barclays, BofA Merrill Lynch and Credit Suisse Securities (USA) LLC were the joint bookrunners.

The Arlington, Va.-based electrical power generator plans to use the proceeds to repay amounts under its term loan B.

Issuer:	AES Corp.
Amount:	$775 million, increased from $500 million
Maturity:	June 1, 2019
Securities:	Floating-rate senior notes
Bookrunners:	Citigroup Global Markets Inc., Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC
Co-managers:	BNP Paribas Securities Corp., Credit Agricole CIB, HSBC Securities, Mitsubishi UFJ Securities, RBS Securities Inc., SG CIB
Coupon:	Libor plus 300 bps
Price:	99.75
First call:	June 1, 2015 at 101
Equity clawback:	35% at par plus 300 bps until June 1, 2015
Change-of-control put:	101%
Trade date:	May 15
Settlement date:	May 20
Distribution:	SEC registered
Price talk:	Libor plus 300 bps at 99.5 to 99.75
Marketing:	Quick to market

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