AES closes senior subordinated notes offer with $104 million tendered

New York, May 9 - AES Corp. said it completed its tender offer for its senior subordinated notes by purchasing approximately $104 million face amount.

The tender for its senior notes continues until May 15.

The tender for the senior subordinated notes expired at 9.00 am. ET on May 8.

Although the company did not give a detailed breakdown of the final results, at 5.00 p.m. ET on May 7 at total of $103.78 million had been tendered: $18.915 million of its 10.25% senior subordinated notes due 2006, $40.558 million of its 8.375% senior subordinated notes due 2007, $34.643 million of its 8.50% senior subordinated notes due 2007 and $9.742 million of its 8.875% senior subordinated notes due 2027.

The Arlington, Va. energy company extended the senior subordinated notes tender from its scheduled expiration of 5.00 p.m. ET on May 7 to 9.00 a.m. ET on May 8 so that it closed at the same time as its recent sale of $1.8 billion of new second priority senior secured notes.

Proceeds from the new note offering were used to purchase the senior subordinated notes and repay $475 million of credit facility borrowings. It will also use proceeds to buy $1.075 billion face amount of its senior notes in the tender offer and for general corporate purposes.

AES previously increased and extended its tender offer.

AES raised the aggregate principal amount of its 8% Series A senior notes due 2008 that it will purchase to $43.797 million from the originally announced $20 million. As of 5 p.m. ET on May 1, $53.982 million of the notes had been tendered, out of the $199.022 million currently outstanding.

It raised the amount of its 8¾% Series G senior notes due 2008 that it will purchase to $161.398 million from the originally announced $40 million. As of May 1, $198.931 million of the notes had been tendered, out of the $400 million currently outstanding.

It raised the amount of its 9½% Series B senior notes due 2009 that it will purchase to $252.951 million from the originally announced $75 million. As of May 1, $311.774 million of the notes had been tendered, out of the $750 million currently outstanding.

It raised the amount of its 9 3/8% Series C senior notes due 2010 that it will purchase to $414.345 million from the originally announced $86 million. As of May 1, $510.699 million of the notes had been tendered, out of the $850 million currently outstanding.

It raised the amount of its 8 7/8% Series E senior notes due 2011 that it will purchase to $223.504 million from the originally announced $54 million. As of May 1, $275.479 million of the notes had been tendered, out of the $536.69 million currently outstanding.

Citigroup - formerly Salomon Smith Barney - (call the Liability Management Group at 800 558-3745) and UBS Warburg LLC (call the Liability Management Group at 888 722-9555, ext. 8035) are the joint dealer managers for the tender offer. Wells Fargo Bank Minnesota, NA (call 800 344-5128) is the depositary and information agent in connection with the tender offer.

Levi Strauss says $192 million 6.8% notes tendered

New York, May 9 - Levi Strauss & Co. said it completed its tender offer for its 6.8% notes due Nov. 1, 2003.

When the tender expired at 9.00 a.m. ET on May 7, $192.291 million principal amount of notes had been tendered including $8.404 million under guaranteed delivery procedures, more than 92% of the total outstanding.

The San Francisco clothing firm began the tender on April 8.

Levi Strauss said it would pay a purchase price of $1,024.24 per $1,000 principal amount of notes validly tendered and not subsequently withdrawn. Holders will also received accrued and unpaid interest up to, but not including the date on which Levi Strauss pays for the tendered notes.

Credit Suisse First Boston (contact the Liability Management Group at 800 820-1653 or 212 538-8474) was dealer manager for the tender offer. Georgeson Shareholder (contact 212 440-9800) was information agent for the tender offer.

Moog redeems 10% senior subordinated notes

New York, May 9 - Moog Inc. said it redeemed and retired its $120 million outstanding 10% senior subordinated notes on May 1.

The redemption was at par through exercise of the company's call option. Interest was paid through the redemption date.

Moog funded the redemption with proceeds from its recently amended and restated credit facility.

Six Flags says 99.1% of 10% notes tendered

New York, May 9 - Six Flags, Inc. said it completed it tender offer for its 10% senior discount notes due 2008 with 99.1% of the $401 million outstanding being tendered.

The offer expired at 5.00 p.m. ET on May 7.

The New York theme park operator paid 105.5% of principal amount to holders who tendered by midnight ET on April 15 and 105% of principal amount for those who tendered after that date. For early tenders, Six Flags paid accrued interest up to but not including April 16, for later tenders it paid accrued interest up to but not including the payment date.

As previously announced, on April 16 Six Flags called the remaining notes. It will redeem them on May 16 at 105% of the principal amount.

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