By Paul A. Harris
Portland, Ore., March 31 – AES Corp. priced a $575 million issue of 5½% 10-year senior notes (Ba3/BB-) at par to yield 5.631% on Tuesday, according to a market source.
The reoffer coupon and reoffer price came on top of price talk.
Goldman Sachs & Co. ran the books.
Proceeds will be used to fund the concurrent tender offers for outstanding senior notes, with any remaining proceeds to be used to retire certain outstanding debt and for general corporate purposes.
The issuer is an Arlington, Va.-based power company.
| Issuer: | AES Corp.
|
| Face amount: | $575 million
|
| Proceeds: | $569 million
|
| Maturity: | April 15, 2025
|
| Securities: | Senior notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 5½%
|
| Price: | 99
|
| Yield: | 5.631%
|
| Spread: | 370 bps
|
| First call: | April 15, 2020 at 102.75
|
| Trade date: | March 31
|
| Settlement date: | April 6
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 5½% coupon at 99
|
| Marketing: | Quick to market
|
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