Brazil national bank allows AES subsidiary to defer regular payment

ARLINGTON, Va., Oct. 16, 2002 — The AES Corp. announced that the Brazil National Bank for Economic and Social Development (BNDES) has agreed to defer until October 28, 2002 an $85 million payment due by an AES subsidiary related to the acquisition of Eletropaulo Metropolitana Electricidade de Sao Paulo S.A., the electric distribution company for Sao Paulo, Brazil.

AES stated that its subsidiary is currently in discussions with BNDES to reschedule payments due by its subsidiaries in respect of Eletropaulo common and preferred shares, but there can be no assurance that an agreement will be reached. As previously reported, Eletropaulo is also in discussions with its lenders to restructure its bank loans and other financial obligations.

AES is a global power company comprised of contract generation, competitive supply, large utilities and growth distribution businesses.

The company’s generating assets include interests in 176 facilities totaling over 60 gigawatts of capacity, in 33 countries. AES’s electricity distribution network sells over 108,000 gigawatt hours per year to over 16 million end-use customers.

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Source: The AES Corporation


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