AES' special purpose indirect subsidiary to sell US$1.25B in senior notes in private placement, will use proceeds to fund US$3.5B acquisition of Ohio's DPL
September 27, 2011
– AES special purpose unit Dolphin Subsidiary II to sell $1.25B in senior notes in private sale
International electric power provider The AES Corp. on Tuesday said its special purpose indirect subsidiary will sell $1.25 billion in senior notes in a private placement.
The newly formed Dolphin Subsidiary II's offering consists of $450 million aggregate principal amount of 6.50 percent senior notes due 2016, and $800 million aggregate principal amount of 7.25 percent senior notes due 2021.
Closing is expected to occur on Monday, subject to certain conditions.
Proceeds will be used to fund the $3.5 billion acquisition of DPL Inc.
In morning trading, AES shares added 25 cents, or 2.5 percent, to $10.32. The stock has changed hands between $9.22 and $13.50 in the past year.
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