Published on 5/15/2023 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: AES sells $900 million 5.45% senior notes due 2028 at 200 bps spread
Chicago, May 15 – AES Corp. priced $900 million of 5.45% senior notes due June 1, 2028 on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.94 to yield 5.463%, or at Treasuries plus 200 basis points.
The notes may be called early with a Treasuries plus 30 bps make-whole premium until May 1, 2028 when they can be called at par.
J.P. Morgan Securities LLC, Barclays, SMBC Nikko Securities America, Inc., MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. managed the sale with BofA Securities, Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Santander US Capital Markets LLC joining as joint bookrunners.
Proceeds will be used to finance and/or refinance eligible green projects.
The issuer is an Arlington, Va.-based power company.
| Issuer: | AES Corp.
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| Amount: | $900 million
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| Issue: | Senior notes
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| Maturity: | June 1, 2028
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| Bookrunners: | J.P. Morgan Securities LLC, Barclays, SMBC Nikko Securities America, Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., BofA Securities, Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Santander US Capital Markets LLC
|
| Co-managers: | CIBC World Markets Corp., HSBC Securities (USA) Inc., Natixis Securities Americas LLC, SG Americas Securities, LLC and Wells Fargo Securities, LLC
|
| Trustee: | Deutsche Bank Trust Co. Americas
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| Counsel to issuer: | Davis Polk & Wardwell LLP
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| Counsel to underwriters: | Skadden, Arps, Slate, Meagher & Flom LLP
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| Coupon: | 5.45%
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| Price: | 99.94
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| Yield: | 5.463%
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| Spread: | Treasuries plus 200 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps until May 1, 2028; thereafter at par
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| Change of control: | At 101
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| Trade date: | May 15
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| Settlement date: | May 17
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| Distribution: | SEC registered
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| Cusip: | 00130HCH6
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