AES Announces Pricing of Securities Offerings.Business Editors ARLINGTON, Va.--(BUSINESS WIRE)--May 12, 2000 The AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. (NYSE NYSE See: New York Stock Exchange : AES) announced today that it had priced its offerings of Common Stock and trust convertible preferred securities ("Convertibles") on May 12, 2000. The underwritten offering Underwritten offering A purchase and sale. of 10,750,000 shares of Common Stock (not including the underwriters' overallotment option overallotment option See greenshoe. ) was priced at $74.00 per share for expected gross proceeds of $795.5 million. The private placement of Convertibles was priced to yield 6%, with an effective conversion price of $92.50 per share. The gross proceeds to the Company from the Convertibles transaction are expected to be approximately $400 million (not including the purchasers' overallotment option). Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company of the combined offerings are expected to be approximately $1,160 million (not including the overallotment options). Closing is expected to occur on May 17, 2000. None of the foregoing share price or conversion price information has been adjusted to give effect to the Company's pending 2-for-1 stock split The Convertibles have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. |
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