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AES amends revolver to lift size to $800 million, push out maturity
By Sara Rosenberg
New York, July 30 - AES Corp. amended its revolving credit facility, increasing the size to $800 million from $605 million and extending the maturity to Jan. 29, 2015 from July 5, 2011, according to an 8-K filed with the Securities and Exchange Commission on Friday.
Pricing on the amended revolver is Libor plus 300 basis points, 50 bps lower than it was prior to the amendment. The spread is based on the loan's rating.
There is a 62.5 bps undrawn fee.
In addition, the amendment permits the company to get incremental term loan and revolver commitments so long as total term loan and revolver commitments, including those currently outstanding, do not exceed $1.4 billion.
And, the cap on first-lien debt was increased to $3 billion from $1.75 billion.
The amendment was completed on July 29.
Citicorp is the administrative agent on the deal.
AES is an Arlington, Va.-based power company.
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