AES plans $250 million tap of 4 7/8% notes as Tuesday's business

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., May 14 - AES Corp. is expected to sell a $250 million add-on to its 4 7/8% senior notes due May 15, 2023 by the end of Tuesday's session, according to a market source.

Morgan Stanley & Co. LLC is the bookrunner.

Proceeds will be used to fund tender offers, with any remaining proceeds being used to repay debt and for general corporate purposes.

The Arlington, Va.-based power company priced the original $500 million issue at par on April 25.

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