AES Corp. on March 28 released early results of a previously announced cash tender offer to purchase up to $300 million of its outstanding 7.375% senior 2021 notes and 8.000% senior 2020 notes.
As of 5 p.m. ET on March 27, holders tendered $276 million of the $965.8 million outstanding 2021 notes and $156.5 million of the $469.5 million outstanding 2020 notes.
Securities tendered after the early tender date will not be bought because the aggregate amount of securities tendered on or before the early tender date, $432.4 million, exceeds the $300 million limit, AES said. The 2020 notes will be accepted on a pro rata basis, subject to a proration factor of approximately 15.8%.
The tender offer will expire at 11:59 p.m. ET on April 10, unless extended or earlier terminated.
Goldman Sachs & Co. served as dealer manager and Global Bondholder Services Corp. served as information and depository agent for the offers.