AES Announces Pricing Terms of Cash Tender Offer for Any and All of Its 3.300% Senior Notes due 2025
AES (NYSE: AES) has announced the pricing terms for its cash tender offer to purchase any and all of its outstanding 3.300% Senior Notes due 2025. The tender offer will expire at 5:00 p.m., New York City time, on March 18, 2025, unless extended or terminated earlier.
Holders who validly tender their Securities will receive the Purchase Price plus accrued and unpaid interest from January 15, 2025, up to the Settlement Date, expected to be March 21, 2025. The Purchase Price was determined based on a fixed spread plus the yield of U.S. Treasury Reference Security.
The tender offer is subject to certain conditions, including AES obtaining sufficient debt financing together with cash on hand to purchase the tendered Securities. Citigroup Global Markets Inc. serves as Dealer Manager, while Global Bondholder Services acts as Information Agent and Tender Agent for the offer.
AES (NYSE: AES) ha annunciato i termini di prezzo per la sua offerta di acquisto in contante per acquistare qualsiasi e tutte le sue Note Senior al 3.300% con scadenza nel 2025. L'offerta scadrà alle 17:00, ora di New York, del 18 marzo 2025, salvo proroghe o cessazioni anticipate.
I detentori che presenteranno validamente i loro Titoli riceveranno il Prezzo di Acquisto più gli interessi maturati e non pagati dal 15 gennaio 2025 fino alla Data di Liquidazione, prevista per il 21 marzo 2025. Il Prezzo di Acquisto è stato determinato sulla base di uno spread fisso più il rendimento del Titolo di Riferimento del Tesoro degli Stati Uniti.
L'offerta è soggetta a determinate condizioni, tra cui l'ottenimento da parte di AES di un finanziamento sufficiente insieme a liquidità disponibile per acquistare i Titoli offerti. Citigroup Global Markets Inc. funge da Dealer Manager, mentre Global Bondholder Services agisce come Agente per le Informazioni e Agente di Offerta per l'offerta.
AES (NYSE: AES) ha anunciado los términos de precios para su oferta de compra en efectivo para adquirir cualquiera y todos sus Bonos Senior al 3.300% con vencimiento en 2025. La oferta expirará a las 5:00 p.m., hora de Nueva York, el 18 de marzo de 2025, a menos que se extienda o se termine antes.
Los tenedores que presenten válidamente sus Valores recibirán el Precio de Compra más los intereses devengados y no pagados desde el 15 de enero de 2025 hasta la Fecha de Liquidación, que se espera sea el 21 de marzo de 2025. El Precio de Compra se determinó en función de un diferencial fijo más el rendimiento del Título de Referencia del Tesoro de EE. UU.
La oferta está sujeta a ciertas condiciones, incluyendo que AES obtenga financiamiento de deuda suficiente junto con efectivo disponible para comprar los Valores ofrecidos. Citigroup Global Markets Inc. actúa como Gerente de la Oferta, mientras que Global Bondholder Services actúa como Agente de Información y Agente de Oferta para la oferta.
AES (NYSE: AES)는 2025년 만기 3.300% 선순위 채권에 대한 현금 공개매수 가격 조건을 발표했습니다. 공개매수는 2025년 3월 18일 오후 5시(뉴욕 시간)에 만료되며, 연장되거나 조기 종료되지 않는 한 유효합니다.
유효하게 채권을 제출한 보유자는 2025년 1월 15일부터 정산일인 2025년 3월 21일까지의 미지급 이자와 함께 매입 가격을 받게 됩니다. 매입 가격은 고정 스프레드와 미국 재무부 기준 증권의 수익률을 기반으로 결정되었습니다.
공개매수는 AES가 제시된 채권을 구매하기 위한 충분한 부채 자금을 확보하는 것을 포함한 특정 조건에 따라 진행됩니다. Citigroup Global Markets Inc.는 딜러 매니저로 활동하며, Global Bondholder Services는 정보 에이전트 및 공개매수 에이전트로 활동합니다.
AES (NYSE: AES) a annoncé les conditions de prix de son offre de rachat en espèces pour acquérir toutes ses Obligations Senior à 3,300% arrivant à échéance en 2025. L'offre expirera à 17h00, heure de New York, le 18 mars 2025, sauf prolongation ou résiliation anticipée.
Les détenteurs qui soumettent valablement leurs Titres recevront le Prix d'Achat plus les intérêts accumulés et non payés depuis le 15 janvier 2025 jusqu'à la Date de Règlement, prévue pour le 21 mars 2025. Le Prix d'Achat a été déterminé sur la base d'un spread fixe plus le rendement de l'Obligation de Référence du Trésor américain.
L'offre est soumise à certaines conditions, y compris l'obtention par AES d'un financement par emprunt suffisant, ainsi que de liquidités disponibles pour acheter les Titres soumis. Citigroup Global Markets Inc. agit en tant que Gestionnaire de l'Offre, tandis que Global Bondholder Services agit en tant qu'Agent d'Information et Agent de Soumission pour l'offre.
AES (NYSE: AES) hat die Preisbedingungen für sein Barangebot zur Übernahme aller seiner ausstehenden 3,300% Senior Notes mit Fälligkeit 2025 bekannt gegeben. Das Angebot läuft am 18. März 2025 um 17:00 Uhr New Yorker Zeit aus, es sei denn, es wird verlängert oder vorzeitig beendet.
Inhaber, die ihre Wertpapiere gültig anbieten, erhalten den Kaufpreis zuzüglich aufgelaufenen und nicht gezahlten Zinsen vom 15. Januar 2025 bis zum Abrechnungsdatum, das voraussichtlich der 21. März 2025 sein wird. Der Kaufpreis wurde auf der Grundlage eines festen Spreads zuzüglich der Rendite des US-Staatsanleihen-Referenzwertpapiers festgelegt.
Das Angebot unterliegt bestimmten Bedingungen, einschließlich der Notwendigkeit, dass AES ausreichende Fremdfinanzierung zusammen mit verfügbaren liquiden Mitteln zur Verfügung hat, um die angebotenen Wertpapiere zu erwerben. Citigroup Global Markets Inc. fungiert als Händlermanager, während Global Bondholder Services als Informationsagent und Tender-Agent für das Angebot tätig ist.
- Company demonstrates proactive debt management through tender offer
- No minimum tender amount required for the offer completion
- Additional debt financing required to complete the tender offer
- Potential increase in interest expenses due to new financing
Insights
AES 's tender offer for its 3.300% Senior Notes due 2025 represents a standard debt refinancing operation that appears primarily aimed at managing the company's upcoming debt maturity. The tender offer's timing is logical as these notes are set to mature in 2025, and AES is being proactive in addressing this obligation.
The key insight here is that this tender offer is conditional upon AES securing new debt financing. This strongly suggests the company is essentially refinancing its existing debt rather than reducing its overall debt load. AES is likely taking advantage of current market conditions to potentially secure more favorable terms on its debt.
For bondholders, the offer includes both the purchase price (determined by a fixed spread plus Treasury reference yield) and any accrued interest since January 2025, ensuring fair compensation. This approach is standard practice for corporate debt management, reflecting orderly financial operations.
While the announcement doesn't specify the total principal amount of the notes outstanding, this transaction represents routine treasury management rather than a significant strategic shift. The company's approach to managing its near-term maturities demonstrates prudent financial stewardship, though the ultimate impact will depend on the terms of the new financing AES secures to replace these notes.
The Tender Offer is being made pursuant to the Company's Offer to Purchase, dated March 12, 2025 (the "Offer to Purchase") and the related notice of guaranteed delivery (the "Notice of Guaranteed Delivery" and, together with the Offer to Purchase, the "Offer Documents"), which set forth a more detailed description of the terms of the Tender Offer. Holders of the Securities (individually, a "Holder," and collectively, the "Holders") are urged to carefully read the Offer Documents before making any decision with respect to the Tender Offer.
The consideration (the "Purchase Price") offered per
Title of Security | CUSIP Number | Principal Amount | UST | Bloomberg | Fixed | Tender Offer |
| 144A: 00130H CB9 Reg S: U0080R AQ3 | due July 15, 2025 | FIT3 | +25 |
In addition to the Purchase Price, all Holders of Securities accepted for purchase will also receive accrued and unpaid interest ("Accrued Interest") from the January 15, 2025 interest payment date up to, but not including, the date on which AES makes payment for such Securities, which date is currently expected to be March 21, 2025 (such date, as it may be extended, the "Settlement Date").
The Tender Offer will expire at 5:00 p.m.,
Subject to the terms and conditions of the Tender Offer, each Holder who (i) validly tenders its Securities at or prior to the Expiration Time and does not subsequently validly withdraw such Securities at or prior to the Withdrawal Deadline or (ii) delivers a properly completed and duly executed Notice of Guaranteed Delivery with respect to its Securities at or prior to the Expiration Time with such Securities validly tendered at or prior to the second business day after the Expiration Time, will be entitled to receive the Purchase Price, plus Accrued Interest, on the Settlement Date, if such Securities are accepted for purchase.
AES' obligation to accept for purchase, and to pay for, Securities validly tendered pursuant to the Tender Offer is subject to, and conditioned upon, certain conditions, including the condition that AES shall have obtained debt financing in a minimum aggregate principal amount, together with cash on hand, to purchase the tendered Securities, including payment of the Purchase Price, Accrued Interest and any fees payable in connection with the Tender Offer, subsequent to the date hereof and on or prior to the Settlement Date, on terms and conditions reasonably satisfactory to AES (the "Financing Condition"). The Tender Offer is not conditioned on any minimum amount of Securities being tendered. AES may amend, extend or terminate the Tender Offer in its sole discretion. The obligation of AES to accept for purchase and to pay the Purchase Price and Accrued Interest on the Securities is not subject to any minimum tender condition, but is subject to the satisfaction or waiver of the Financing Condition and certain other conditions described in the Offer to Purchase.
AES has retained Citigroup Global Markets Inc. to serve as Dealer Manager for the Tender Offer. Global Bondholder Services Corporation has been retained to serve as the Information Agent and Tender Agent for the Tender Offer. Questions regarding the Tender Offer may be directed to Citigroup Global Markets Inc. at 388 Greenwich Street,
AES is making the Tender Offer only by, and pursuant to, the terms of the Offer Documents. None of AES, the Dealer Manager, the Information Agent and Tender Agent makes any recommendation as to whether Holders should tender or refrain from tendering their Securities. Holders must make their own decision as to whether to tender Securities and, if so, the principal amount of the Securities to tender.
The Tender Offer is not being made to Holders of Securities in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of AES by the Dealer Manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
This press release does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities or an offer to sell or the solicitation of an offer to purchase any new securities, nor does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful. Capitalized terms used in this press release but not otherwise defined herein have the meanings assigned to them in the Offer Documents.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Such forward-looking statements include, but are not limited to, the Tender Offer, the details thereof, other expected effects of the Tender Offer and the concurrent debt financing to satisfy the Financing Condition and the use of proceeds therefrom.
Actual results could differ materially from those projected in AES' forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results include the aggregate amount of Securities tendered (which could lead to retirement or repayment of other existing debt), the successful closing of the concurrent debt financing to satisfy the Financing Condition, and risks and uncertainties discussed in the Offer to Purchase related to the Tender Offer and AES' filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' 2024 Annual Report on Form 10-K and in any subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law.
Any stockholder who desires a copy of the Company's 2024 Annual Report on Form 10-K filed March 11, 2025 with the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard,
Investor Contact: Susan Harcourt, 703-682-1204, susan.harcourt@aes.com
Media Contact: Amy Ackerman, 703-682-6399, amy.ackerman@aes.com
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SOURCE The AES Corporation
FAQ
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