By Rebecca Melvin
New York, March 19 – AES Gener SA priced $550 million of junior subordinated notes due 2079 (expected ratings: Ba2/BB/BB) at 99.948 to yield 7 1/8%, according to a market source.
The deal launched tight to guidance in the 7 3/8% area. Initial price talk was in the mid-to-high 7% area.
Joint bookrunner Goldman Sachs & Co. will bill and deliver. Itau Unibanco Holdings, BofA Merrill Lynch, Scotia Bank and J.P. Morgan Securities LLC are also joint bookrunners.
The Santiago-based electricity generator plans to use the proceeds to refinance its 8 3/8% hybrid notes due 2073 and for general corporate purposes.
| Issuer: | AES Gener SA
|
| Description: | Junior subordinated notes
|
| Amount: | $550 million
|
| Maturity: | March 26, 2079
|
| Bookrunners: | Goldman Sachs & Co. (bill and deliver), Itau Unibanco Holdings, BofA Merrill Lynch, Scotia Bank and J.P. Morgan Securities LLC
|
| Coupon: | 7 1/8%
|
| Price: | 99.948
|
| Yield: | 7 1/8%
|
| Trade date: | March 18
|
| Settlement date: | March 26
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7 3/8% area, from initial talk in the mid- to high-7% area
|
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