The AES Corporation (NYSE:AES) announced that it has priced $500 million aggregate principal amount of 4.875% senior notes due 2023 (the "Notes"). AES intends to use the net proceeds from the offering of the Notes, as well as, if necessary, other available funds, to fund concurrent tender offers to purchase for cash certain series of AES's outstanding senior notes and to pay certain related fees and expenses. If any net proceeds from the offering remain after completion of the tender offers, AES intends to use such proceeds to retire certain outstanding indebtedness and for general corporate purposes. The closing of the offering of the Notes is expected to occur, subject to certain customary conditions, on April 30, 2013.
AES Corporation is a holding company. Through its subsidiaries and affiliates, Co. operates a portfolio of electricity generation and distribution businesses. Co. owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. Also, Co. owns and/or operates utilities to generate or purchase, distribute, transmit and sell electricity to end-user customers in the residential, commercial, industrial and governmental sectors within a defined service area. In certain circumstances, Co.'s utilities also generate and sell electricity on the wholesale market. As of Dec 31 2012, Co. served about 12.2 million utility customers.
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