ARLINGTON, Va.--(BUSINESS WIRE)--
The AES Corporation (NYSE: AES) announced today the pricing of the
Company’s previously announced secondary public offering of an aggregate
of approximately 60 million shares of its common stock (the “Offering”),
by Terrific Investment Corporation (the “Selling Stockholder”), a
subsidiary controlled by China Investment Corporation (“CIC”), with
approximately 40 million shares offered to the public at $13.25 per
share.
Morgan Stanley is acting as the underwriter for the Offering. As part of
the Offering, at the Selling Stockholder’s instruction, the underwriter
has reserved the remaining 20 million shares to be sold to AES at a
price per share equal to the price paid by the underwriter to the
Selling Stockholder in the Offering. AES will use cash on hand, and may
supplement with borrowings under its revolving credit facility, to fund
the purchase. AES expects to repay any revolver borrowings upon receipt
of dividends from certain of its subsidiaries expected by fiscal year
end. The number of shares of common stock available for sale to the
general public will be reduced by such reserved shares. Prior to this
share repurchase transaction, AES had $381 million available for common
stock repurchases under the Company’s current authorization. The AES
share purchase transaction was approved by a committee of disinterested
directors of the AES board.
Following completion of the Offering, it is expected that the Selling
Stockholder will have fully sold its stake in AES common stock. AES will
not receive any of the proceeds from the Offering.
AES has filed an effective shelf registration statement (including a
prospectus) with the Securities and Exchange Commission (the “SEC”) for
the Offering to which this communication relates. Before you invest, you
should read the prospectus in that registration statement, the
prospectus supplement to which the Offering relates and the other
documents incorporated by reference therein, which AES has filed with
the SEC for more complete information about AES and the Offering. You
may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, copies may be obtained from Morgan Stanley & Co. LLC, 180
Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus
Department.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About AES
The AES Corporation (NYSE: AES) is a Fortune 200 global power company.
We provide affordable, sustainable energy to 18 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 18,500 people is
committed to operational excellence and meeting the world’s changing
power needs. Our 2014 revenues were $17 billion and we own and manage
$39 billion in total assets.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning
of the Securities Act of 1933, as amended, and of the Securities
Exchange Act of 1934, as amended. Such forward-looking statements
include, but are not limited to, those related to the Offering.
Forward-looking statements are not intended to be a guarantee of future
results, but instead constitute AES’ current expectations based on
reasonable assumptions. Consummation of the Offering is subject to risks
and uncertainties, such as our continued eligibility to use our shelf
registration statement, general economic conditions and other risks and
uncertainties discussed in AES’ filings with the SEC, including, but not
limited to, the risks discussed under Item 1A “Risk Factors” and Item 7:
Management’s Discussion & Analysis in AES’ 2014 Annual Report on Form
10-K, as well as any risks discussed under Item 1A “Risk Factors” and
Item 2: Management’s Discussion & Analysis in AES’ Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2015 and in
subsequent reports filed with the SEC. Readers are encouraged to read
AES’ filings to learn more about the risk factors associated with AES’
business. AES undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Any Stockholder who desires a copy of the Company’s 2014 Annual Report
on Form 10-K filed on February 26, 2015 or the Company’s Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2015 filed
on May 11, 2015 with the SEC may obtain a copy (excluding exhibits)
without charge by addressing a request to the Office of the Corporate
Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington,
Virginia 22203. Exhibits also may be requested, but a charge equal to
the reproduction cost thereof will be made.

Source: The AES Corporation