New Issue: AES prices $500 million 10-year senior notes at par to yield 6%

By Paul A. Harris

Portland, Ore., May 11 – AES Corp. priced a $500 million issue of 10-year senior notes (Ba3/BB/BB) at par to yield 6% on Wednesday, according to a syndicate source.

The yield printed on top of both yield talk and initial guidance, sources said.

Morgan Stanley & Co. LLC, Barclays, Deutsche Bank Securities Inc., BofA Merrill Lynch and J.P. Morgan Securities LLC were the joint bookrunners.

The Arlington, Va.-based power company plans to use the proceeds to repay debt, including a portion of its floating-rate notes due 2019.

Issuer:	AES Corp.
Amount:	$500 million
Maturity:	May 15, 2026
Securities:	Senior notes
Bookrunners:	Morgan Stanley & Co. LLC, Barclays, Deutsche Bank Securities Inc., BofA Merrill Lynch, J.P. Morgan Securities LLC
Co-managers:	BNP Paribas Securities Corp., Credit Agricole CIB, HSBC, SG CIB
Coupon:	6%
Price:	Par
Yield:	6%
Spread:	427 bps
Call:	Make-whole call at Treasuries plus 50 bps until May 15, 2021, then callable at 103
Trade date:	May 11
Settlement date:	May 25
Ratings:	Moody's: Ba3
	Standard & Poor's: BB
	Fitch: BB
Distribution:	SEC registered
Price talk:	6% area
Marketing:	Quick to market

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.