AES announces pricing of combined public offerings.ARLINGTON, Va.--(BUSINESS WIRE)--March 25, 1997--The AES Corporation (NYSE NYSE See: New York Stock Exchange :AES) announced Tuesday that it priced its combined public offerings of Common Stock and Term Convertible Securities ("TECONS") on March 24, 1997. The underwritten offering Underwritten offering A purchase and sale. of 2.55 million shares (not including the underwriters' overallotment option overallotment option See greenshoe. ) of Common Stock was priced at $58.625 per share for aggregate gross proceeds of approximately $150 million. The underwritten offering of TECONS (issued by AES Trust I, a wholly-owned subsidiary of the company) was priced to yield 5 3/8%, with a 23.5% conversion premium. Aggregate gross proceeds of the TECONS transaction are approximately $250 million (not including the underwriters' 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 $387 million (not including the underwritersU overallotment option). The lead underwriter Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. for both offerings is J.P. Morgan. AES is a leading global power company that currently owns or has an interest in 34 power facilities totaling over 11,000 megawatts in the United States, Argentina, Brazil, Pakistan, Hungary, Kazakstan, China and the United Kingdom. In addition to having assets of $3.7 billion, the company has more than $5 billion of projects in construction or late stages of development. AES is dedicated to providing electricity worldwide in a socially responsible way. -0- For more general information visit our web site at www.aesc.com or contact investor relations at investing@aesc.com. The list aes-pr-announce is an automated mailing list and can be found on the investing page of our web site. Those who subscribe to this list will receive updates when AES issues a press release. CONTACT: The AES Corporation Kenneth R. Woodcock woodcock: see snipe. woodcock Any of five species (family Scolopacidae) of plump, sharp-billed migratory birds of damp, dense woodlands in North America, Europe, and Asia. , 703/522-1315 |
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