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AES launches $521 million term loan B at Libor plus 175 bps
By Sara Rosenberg
New York, March 21 – AES Corp. launched on Wednesday its $521,062,500 senior secured covenant-light term loan B due May 31, 2022 with price talk of Libor plus 175 basis points with a 0% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months.
Barclays is the lead bank on the deal.
Commitments are due at noon ET on March 27.
Proceeds will be used to reprice and slightly extend an existing term loan B due May 24, 2022 down from Libor plus 200 bps 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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