trending Market Intelligence /marketintelligence/en/news-insights/trending/tjmIKrNC_KYtT9YCicZJQg2 content esgSubNav
In This List

AES launches $217M cash tender offer, $500M senior note offering

Blog

Insight Weekly: US inflation soars; real estate faces slowdown; megadeals drive tech M&A

Blog

Infographic: Q1’22 U.S. Wind Power by the Numbers

Blog

Understanding Loss Given Default A Review of Three Approaches

Blog

Insight Weekly: Path to net-zero; US manufacturing momentum; China's lithium M&A frenzy


AES launches $217M cash tender offer, $500M senior note offering

AES Corp. launched a cash tender offer to purchase up to $217 million of its outstanding 8.0% senior notes due 2020.

The tender offer will expire at 11:59 p.m. ET on Sept. 11, unless extended by the company, according to an Aug. 14 release.

Holders who validly tender and do not subsequently validly withdraw their notes at or prior to 5 p.m. ET on Aug. 25 will receive a total consideration of $1,162.60 per $1,000 principal amount of the notes. The total consideration includes an early tender premium of $30.

If the aggregate principal amount of the validly tendered notes exceeds the tender cap amount, the company will accept the notes on a pro rata basis.

The tendered notes may be withdrawn from the offer at or prior to 5 p.m. ET on Aug. 25, unless extended.

J.P. Morgan Securities LLC is serving as dealer manager, while Global Bondholder Services Corp. is acting as the information and depositary agent.

Also on Aug. 14, AES announced plans to offer $500 million aggregate principal amount of senior notes due 2027.

The company intends to use the sale proceeds to fund the 8% tender offer due 2020 and to pay certain related fees and expenses. AES plans to use any remaining net proceeds from this offering after completion of the tender offer to retire certain outstanding debt.