AES shrinks revolver by $425 million, plans to retire rest by year-end

New York, April 22 - AES Corp. said it has terminated $425 million of its $600 million senior unsecured revolving credit facility. It added that it intends to retire the remaining $175 million by the end of the year.

The portion still outstanding is primarily being used to support projects under construction.

The $600 million facility was due to mature in March 2010.

"As part of our ongoing efforts to address near-term debt maturities while maintaining liquidity, we raised approximately $500 million in our recent bond offering," said Paul Hanrahan, president and chief executive officer of AES, in a news release. "We are applying those cash proceeds towards the unused portion of our unsecured credit facility. Replacing our credit facility with cash allowed us to refinance our 2010 debt maturity and improves the quality of our liquidity,"

AES is an Arlington, Va.-based power company.

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