AES holders tender $84.96 million of four note series by early date

By Susanna Moon

Chicago, Jan. 12 – AES Corp. said investors had tendered $84,956,000 of four series of its notes as of 5 p.m. ET on Jan. 11, the early tender date.

The company is offering to purchase up to $250 million of the $3,075,000,000 of four note series.

Holders had tendered the following amount of notes so far, listed in order of acceptance priority level, according to a press release:

• $36,931,000, or 4.92%, of the $750 million outstanding 4.875% senior notes due 2023;

• $1,783,000, or 0.31%, of the $575 million outstanding 5.5% senior notes due 2025;

• $12,120,000, or 1.62%, of the $750 million outstanding 5.5% senior notes due 2024; and

• $34,122,000, or 3.41%, of the $1 billion outstanding 7.375% senior notes due 2021.

Holders may continue to tender notes in the offers until 11:59 p.m. ET on Jan. 26. The cash tender offers began Dec. 28.

Tendered notes may no longer be withdrawn, as of the early tender deadline.

As previously announced, the total purchase price for each $1,000 principal amount will be $870 for the 4.875% notes, $880 for the 5.5% notes due 2025, $890 for the 5.5% notes due 2024 and $1,015 for the 7.375% notes. The total payment includes a $30 early tender premium per $1,000 of notes tendered by the early tender deadline.

Those tendering after the early deadline will receive the tender offer payment, which is the total amount less the early tender premium.

Holders will also receive accrued interest up to but excluding the settlement date, which will be Jan. 12 for early tendered notes and Jan. 27 for remaining tenders.

Because the offers are not fully subscribed yet and the company chose to settle the early tendered notes before the end of the offers, holders tendering after the early deadline may be subject to proration, whereas those who tendered their notes before the early deadline will not be subject to proration.

The company previously said it may choose to increase the tender cap amount.

J.P. Morgan Securities LLC (attn.: liability management group, 866 834-4666, 212 834-3424) is the dealer manager for the tender offers. Global Bondholder Services Corp. (attn.: corporate actions, 212 430-3774 for banks and brokers or 866 470-4200 for all others) is the information and depositary agent.

AES is a power company based in Arlington, Va.

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