trending Market Intelligence /marketintelligence/en/news-insights/trending/rmi1hepnrelaegnbqgqkha2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

AES settles $700M cash tender offer

Essential Energy Insights - May 14, 2020

Credit Risk: Identifying Early Warning Signals In The Oil And Gas Industry

Stress Testing Energy Companies in the Current Environment

Infographic Solar Power by the Numbers The US Canada and Mexico


AES settles $700M cash tender offer

AES Corp. has settled its cash tender offer to purchase up to $700 million worth of its 5.5% senior notes due 2024 and its 5.5% senior notes due 2025.

The company only accepted for purchase notes validly tendered as of 5 p.m. ET on March 14 because the aggregate amount of securities tendered on or before that date exceeded the $700 million limit.

As of the early tender date, noteholders tendered $670.8 million of the $737.7 million outstanding 2024 notes, which have a higher acceptance priority level, and $378.3 million of the $573.2 million outstanding 2025 notes, which have a lower acceptance priority level.

AES settled the tender offer with proceeds from the sale of its 51% equity stake in its Philippines subsidiary, Masin-AES Pte. Ltd., to SMC Global Power Holdings Corp. for $1.05 billion.

Recently, S&P Global Ratings upgraded its corporate credit rating on AES to one notch below investment grade on expectations of the company accelerating debt reduction with proceeds from asset sales.

In connection with the tender offer, AES shortened the minimum notice requirements for optional redemption of the 2024 notes to three business days from 30 days, effective March 21, following the acceptance for payment of validly tendered 2024 notes in the offer.

Morgan Stanley & Co. LLC served as dealer manager and solicitation agent, while Global Bondholder Services Corp. acted as the information and depositary agent.