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AES holds one-month tender for $217 million 8% senior notes due 2020
By Susanna Moon
Chicago, Aug. 14 – AES Corp. is tendering for up to $217 million principal amount of its $445,465,000 of outstanding 8% senior notes due 2020 until 11:59 p.m. ET on Sept. 11.
The total purchase price will be $1,162.60 for each $1,000 principal amount of notes tendered by 5 p.m. ET on Aug. 25, the early tender date.
The total amount includes an early tender premium of $30.00 per $1,000 principal amount.
Holders who tender after the early deadline will receive $1,132.60 per $1,000 of notes.
The company also will pay accrued interest to but excluding the settlement date, which is expected to be Aug. 28 for early tendered notes and Sept. 12 for any remaining tenders.
AES said it reserves the right to accept for purchase any notes tendered before the early deadline.
The tender does not contain a minimum tender condition but does contain a financing condition.
The issuer said it plans to issue long-term senior debt securities but may choose to enter into alternative debt financing.
If offer is oversubscribed by the early deadline, holders who tender afterward will not have any of their notes accepted for payment, according to a company announcement.
The company said it may raise the cap but cannot assure that it will do so.
AES announced the offer for up to $445 million of its notes on Monday morning and later corrected the principal amount in a subsequent release.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-3260) is the dealer manager. Global Bondholder Services Corp. (212 430-3774 or 866 470-4200) is the information and depositary agent.
AES is an Arlington, Va.-based power company.
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