AES to launch $521 million term loan B repricing on Wednesday

By Sara Rosenberg

New York, March 20 – AES Corp. is scheduled to hold a lender call at 10 a.m. ET on Wednesday to launch a repricing of its existing $521,062,500 senior secured covenant-light term loan B due May 2022, according to a market source.

Barclays is the lead bank on the deal.

The repriced loan includes a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at noon ET on March 27, the source added.

The repricing will take the term loan B down from Libor plus 200 basis points with a 0.75% Libor floor.

The size of the term loan B excludes a pending 0.25% amortization payment scheduled for March 29.

Pro forma senior secured leverage is 0.8 times and total leverage is 4.3 times.

AES is an Arlington, Va.-based power company.

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