AES starts tender offer for $500 million of three series of notes

New York, March 31 – AES Corp. announced the start of a tender offer to buy up to $500 million of its 8% senior notes due 2017, 8% senior notes due 2020 and 7 3/8% senior notes due 2021.

The company is offering $1,157.50 per $1,000 principal amount for the $525 million of 8% notes due 2017, which have first priority of acceptance, $1,180.00 per $1,000 principal amount for the $625 million of 8% notes due 2020, which have second priority of acceptance, and $1,132.50 per $1,000 principal amount for the $1 billion of 7 3/8% notes, which have third priority.

All the prices include an early tender premium of $30.00 per $1,000 which will only be paid to holders who participate by the early tender date of 5 p.m. ET on April 13.

AES will also pay accrued interest up to but excluding the settlement date.

Securities may be purchased at any time after the early tender date. AES currently expects this early settlement will be April 14.

The tender ends at 11:59 p.m. ET on April 27. Final settlement is expected to be on April 28.

The offer is subject to a financing condition. AES announced a sale of $575 million of new notes on Tuesday morning.

Goldman Sachs & Co. (800 828-3182 or 212 902-6941) is dealer manager. Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 470-4200 for all others) is information and depositary agent.

AES is an Arlington, Va., power company.

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