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BULLETIN: AES Launches Tender Offer and Related Note Offering Apr 03 Product Image

BULLETIN: AES Launches Tender Offer and Related Note Offering Apr 03

  • Published: April 2003
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) April 4, 2003--Standard & Poor's Ratings Services views AES Corp.'s (B+/Negative/--) announcement that it will attempt to issue $1 billion of second-lien notes and use the proceeds to buy back outstanding debt and pay down a portion of its senior secured bank loan as generally neutral for credit. If the transaction is successful, AES will gain more flexibility in executing its deleveraging plans by pushing out maturities and, importantly, meeting its obligation to pay down 50% of its bank facility by November 2004. However, AES still needs to continue to execute on its deleveraging plans and stabilize its dividend stream from its operating subsidiaries in order to stabilize its rating and begin to move it...

Companies mentioned in this report are: AES Corp. (The)
Action: S&P Event

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, READ MORE >

AES Corp. (The)

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