This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AES Announces An Additional Increase Of The Tender Cap Amount

The AES Corporation (NYSE: AES) announced today that it further increased the maximum aggregate principal amount of the Securities that may be purchased pursuant to the Tender Offers from $415,000,000 for the Securities to $625,000,000 for the Securities (the “Tender Cap Amount”). On March 3, 2014, AES increased the Tender Cap Amount from $300,000,000 for the Securities to $415,000,000 for the Securities. Tendered Securities cannot be withdrawn after the Withdrawal Deadline, which was 5:00 p.m., New York City time, on February 28, 2014.

On February 14, 2014, AES commenced the Tender Offers to purchase the Securities in accordance with the terms and conditions set forth in the Offers to Purchase for Cash and related Letter of Transmittal (collectively, the “Tender Offer Materials”). Because of the increase in the Tender Cap Amount, AES will extend the expiration of the Tender Offers to 11:59 p.m., New York City time, on March 17, 2014 (the “Expiration Date”), unless extended or earlier terminated by AES. As discussed in more detail in the Tender Offer Materials, AES reserves the right, but is under no obligation, to increase or decrease the Tender Cap Amount, at any time, subject to compliance with applicable law. Capitalized terms used in this announcement and not otherwise defined shall have the meanings assigned to them in the Tender Offer Materials.

According to information received from Global Bondholder Services Corporation (“GBSC”), the Depositary and Information Agent for the Tender Offers, as of 5:00 p.m., New York City time, on February 28, 2014 (the “Early Tender Date”), the Company had received valid tenders from Holders of the Securities as outlined in the table below.

                               
Title of Security

CUSIP Number

Principal Amount Outstanding

Acceptance Priority Level

Aggregate Principal Amount Tendered

% Tendered

8.00% Senior Notesdue 2017

00130HBH7 $1,150,000,000 1 $711,993,000 61.91%

7.75% Senior Notesdue 2015

00130HBL8 $356,000,000 2 $245,100,000 68.85%

9.75% Senior Notesdue 2016

00130HBQ7 $368,826,000 3 $110,286,000 29.90%
 

After giving effect to the increases of the Tender Cap Amount, the principal amounts of each series of Securities that are purchased in the Tender Offers will be determined in accordance with the acceptance priority levels set forth in the Offer to Purchase and referenced in the table above, with 1 being the highest acceptance priority level and 3 being the lowest acceptance priority level. On a Settlement Date, all Securities validly tendered and not validly withdrawn in the Tender Offer having a higher acceptance priority level will be accepted before any tendered Securities having a lower acceptance priority level are accepted in the applicable Tender Offer. Securities of the series in the lowest acceptance priority level accepted for purchase in accordance with the terms and conditions of the Tender Offers will be subject to proration so that AES will only accept for purchase Securities up to a combined aggregate principal amount of $625,000,000. Accordingly, as described in the Offer to Purchase, Securities with acceptance priority levels 2 and 3, the 2015 Notes and 2016 Notes, respectively, are not expected to be accepted for purchase pursuant to the Tender Offers, based upon the amount of Securities with acceptance priority level 1 validly tendered and not withdrawn at or before the Early Tender Time.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs