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AES Corp. Proposed $1 Billion Second Priority Senior Secured Notes Rated 'B+' Apr 03
Standard & Poors, April 2003
Abstract
NEW YORK (Standard & Poor's) April 24, 2003--Standard & Poor's Ratings Services today assigned its 'B+' rating to the AES Corp.'s proposed $1.0 billion second priority senior secured notes due 2013. Proceeds from the notes would be used to repay $475 million of AES' senior secured bank facility, to fund an open-market tender for outstanding bonds, and to fund up to $250 million for general corporate purposes. The completion of the tender is contingent upon the success of the second lien note issuance. An amendment to AES' senior secured bank facility that was necessary to move forward with the transaction has been obtained. The new notes will share in the collateral provided to the senior secured bank loan and senior...
Companies mentioned in this report are: AES Corp. (The)
Action: New Rating
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, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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