ARLINGTON, Va., Nov. 22, 2004 (BUSINESS WIRE) — The AES Corporation announced it has called for redemption $331.4 million aggregate principal amount of its outstanding debt securities, including all outstanding 10% Senior Secured Notes due 2005 ($152.6 million aggregate principal amount), all outstanding 8 3/8% Senior Subordinated Notes due 2007 ($113.3 million aggregate principal amount) and a portion of its 8 1/2% Senior Subordinated Notes due 2007 ($65.5 million aggregate principal amount).
“With this redemption, we have achieved our 2004 goal of paying down $800 million of debt. This is an important milestone in AES’s financial plan as we continue to strengthen our capital structure and improve our credit quality,” said Barry Sharp, Executive Vice President and Chief Financial Officer.
The 10% Senior Secured Notes due 2005 and 8 3/8% Senior Subordinated Notes due 2007 will be redeemed at par, plus accrued and unpaid interest to the redemption date. The 8 1/2% Senior Subordinated Notes due 2007 to be redeemed will be selected by lot and will be redeemed at a redemption price of 101.417% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The redemption date for all such Notes is December 20, 2004. The redemption of these Notes is being made pursuant to the optional redemption provisions under the respective indentures.
About AES [ www.aes.com ]
AES is a leading global power company, with 2003 revenues of $8.4 billion. AES operates in 27 countries, generating 44,000 megawatts of electricity through 111 power facilities and delivers electricity through 17 distribution companies. Our 30,000 people are committed to operational excellence and meeting the world’s growing power needs.