AES talks $500 million 10-year senior notes at 5%; pricing Thursday

By Aleesia Forni and Paul Deckelman

Virginia Beach, Va., April 25 - The AES Corp. has set talk for its proposed $500 million offering of senior notes due 2023 at 5%, according to an informed source.

An investor call is scheduled to take place at 11 a.m. ET.

The notes will be non-callable for five years.

Proceeds will be used to partially fund the tender offer for the company's notes due 2014 and a portion of the notes due 2015, 2016 and 2017. Any remaining proceeds will be used for general corporate purposes.

Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and RBS Securities Inc. are the bookrunners for the Securities and Exchange Commission-registered deal.

BNP Paribas Securities Corp., BofA Merrill Lynch, Credit Agricole CIB, Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities and Societe Generale are the co-managers.

The power company is based in Arlington, Va.

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