Ipalco holders may begin tendering $375 million 8 5/8% notes due 2011

By Susanna Moon

Chicago, May 10 - Ipalco Enterprises, Inc. said it began a tender offer for its $375 million outstanding principal amount of 8 5/8% senior secured notes due Nov. 14, 2011.

The total payment for each $1,000 principal amount of notes will be set using the yield to maturity of the 1% Treasury note due Oct. 31, 2011 plus 50 basis points as of 2 p.m. ET on May 17, according to a company press release.

The company also will pay accrued interest up to but not including the settlement date, which is expected to be May 18.

The tender offer will end at 5 p.m. ET on May 17.

Bank of America Merrill Lynch (attn: debt advisory services, 888 292-0070 or collect 980 388-9217) is the dealer manager. D.F. King & Co., Inc. (800 549-6697 or for banks and brokers 212 269-5550) is the tender agent and information agent.

Ipalco is a holding company based in Indianapolis that, through its principal subsidiary Indianapolis Power & Light Co., a regulated electric utility, engages primarily in generating, transmitting, distributing and selling electric energy.

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