AES to price $500 million five-year floating-rate notes Thursday

By Paul A. Harris

Portland, Ore., May 15 - AES Corp. expects to price a $500 million offering of five-year senior floating-rate notes (Ba3/BB) Thursday, according to a syndicate source.

Citigroup Global Markets Inc., Barclays, BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are the joint bookrunners for the public offering.

BNP Paribas Securities Corp., Credit Agricole CIB, HSBC Securities (USA) Inc., Mitsubishi UFJ Securities, RBS Securities Inc. and SG CIB are the co-managers.

The notes become callable after one year at 101 and feature a one-year 35% equity clawback.

The Arlington, Va.-based electrical power generator plans to use the proceeds to repay amounts under its term loan B.

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