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AES prepays $443M of recourse debt

AES Corp. on Oct. 1 said it prepaid $443 million of recourse debt, reducing its long-term debt balance to $3.2 billion as of Sept. 30.

"By prepaying another $443 million, we have further strengthened our balance sheet and the likelihood of attaining investment grade ratings in 2020," AES Executive Vice President and CFO Gustavo Pimenta said in an Oct. 1 statement.

The prepayment, funded with cash on hand, includes $343 million of AES' secured term loan due 2022 and $100 million of its 4.875% senior unsecured notes due 2023.

AES originally planned to reduce its recourse debt by $300 million through 2022, including $150 million in 2019.