AES Corp. bank debt got a slight boost from the news that the company has reached agreements to conduct three asset sales that will provide approximately $327 million in proceeds. The company's "B" piece was quoted in the 97 3/4-98 1/2 context, up from the 96 1/2 -97 1/2 range after the news. AES has already received cash proceeds of $25 million from the sale of its Mountainview Power equity interest. It will receive another $5 million on April 15 and $20 million if certain project milestones are achieved. The other two transactions are expected to close by the end of the third quarter, if not before. AES will apply 80% of the proceeds from these latest asset sales to its senior bank and bond debt on a pro rata basis, explained Ahmed Pasha, AES' investor relations spokesperson.
March 26, 2003
