AES Announces Extension of Consent Solicitation for its 2028 Notes

Rhea-AI Summary

AES (NYSE: AES) extended the expiration of its consent solicitation for its 5.450% Senior Notes due 2028 to 5:00 p.m. New York City time on March 31, 2026, unless earlier terminated. As of the prior expiration, holders representing ~49% of the $900 million outstanding principal had delivered consents.

The aggregate consent payment remains $2,250,000, shared among consenting holders if consents representing a majority are received and other conditions are satisfied.

Positive

• Extension increases time to reach majority consent
• Aggregate consent payment of $2,250,000 available to consenting holders

Negative

• Only ~49% of $900M 2028 Notes had consents as of prior expiration
• Majority consent threshold not yet met, outcome uncertain

Key Figures

Coupon rate: 5.450% Notes outstanding: $900 million Consents delivered: 49% +5 more

8 metrics

Coupon rate 5.450% Senior Notes due 2028 referenced in consent solicitation

Notes outstanding $900 million Outstanding aggregate principal amount of 2028 Notes

Consents delivered 49% Portion of 2028 Notes principal with valid consents as of prior expiration

Aggregate consent payment $2,250,000 Total payment to be shared by consenting 2028 Note holders if conditions met

Original expiration time 5:00 p.m., March 27, 2026 Initial expiration of consent solicitation for 2028 Notes

Extended expiration time 5:00 p.m., March 31, 2026 New Expiration Time for the 2028 Notes consent solicitation

Consent statement date March 5, 2026 Date of original Consent Solicitation Statement

Supplements dates March 16 and 19, 2026 First and second supplements to Consent Solicitation Statement

Market Reality Check

Price: $14.00 Vol: Volume 17,095,679 is 0.83...

normal vol

$14.00 Last Close

Volume Volume 17,095,679 is 0.83x the 20-day average 20,507,074, indicating subdued trading. normal

Technical Price at $14.00 is trading above the 200-day MA of $13.77 and about 20.68% below the 52-week high.

Peers on Argus

AES slipped 0.07% with mixed peer action: AVA up 0.66%, BIP down 2.24%, AQN down...

AES slipped 0.07% with mixed peer action: AVA up 0.66%, BIP down 2.24%, AQN down 0.08%, ALE down 0.10%, and CIG flat. Moves do not indicate a unified sector trend.

Historical Context

5 past events · Latest: Mar 25 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 25	Consent extension DPL	Neutral	-0.5%	DPL LLC extended consent deadline on 4.35% 2029 notes with $1M payment.
Mar 25	AES consent actions	Neutral	-0.5%	AES extended 2028 notes consent, ended 2030/2031 solicitations without payment.
Mar 25	IPALCO consent extension	Neutral	-0.5%	IPALCO extended consents on 2030 and 2034 notes with set aggregate payments.
Mar 25	Solar build milestone	Neutral	-0.5%	Maximo completed 100 MW robotic solar installation at AES’ Bellefield complex.
Mar 24	Fixed income materials	Neutral	-0.5%	AES posted new fixed income investor materials on parent liquidity schedules.

Pattern Detected

Recent fixed-income and consent-solicitation updates around AES and affiliates all saw modest -0.5% price reactions, suggesting limited equity sensitivity to these debt-structure headlines.

Recent Company History

Over the past week, AES and related entities have issued several fixed-income and financing updates. DPL LLC, IPALCO, and AES each extended expiration times for various consent solicitations on senior notes, with aggregate consent payments ranging from $1,000,000 to $2,250,000 and participation levels between roughly 25% and 43%. AES also posted new fixed income investor materials titled "Parent Liquidity Schedules". Each of these events was followed by a modest -0.5% share move, indicating equity markets have reacted mildly to these capital structure adjustments.

Market Pulse Summary

This announcement extends AES’s consent solicitation on its 5.450% Senior Notes due 2028, with 49% o...

Analysis

This announcement extends AES’s consent solicitation on its 5.450% Senior Notes due 2028, with 49% of the $900 million principal already consenting and an aggregate payment of $2,250,000 contingent on majority approval and other conditions. The news follows several recent consent extensions and fixed-income disclosures, as well as a pending all-cash acquisition at $15.00 per share. Investors may monitor final consent levels, any further amendments to note terms, and how these align with broader merger-related financing changes.

Key Terms

consent solicitation, senior notes, indenture, aggregate principal amount, +4 more

8 terms

consent solicitation financial

"extended the expiration time for its previously announced solicitation of consents (the "Consent Solicitation")"

A consent solicitation is a formal request sent to shareholders or creditors asking them to sign off on a proposed corporate change—such as altering governance rules, approving a deal, or waiving contract terms—without holding a full meeting. It matters to investors because it can quickly change their rights, voting power or the company’s direction, much like asking neighbors to sign a petition to alter a shared fence rather than discussing it at a community meeting.

senior notes financial

"from registered holders of its 5.450% Senior Notes due 2028 (the "2028 Notes")"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

indenture financial

"proposed amendments (the "Proposed Amendments") to the indenture governing the 2028 Notes"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

aggregate principal amount financial

"49% of the $900 million outstanding aggregate principal amount of the 2028 Notes"

The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.

consent solicitation statement regulatory

"terms and subject to the conditions set forth in the consent solicitation statement dated March 5, 2026"

A consent solicitation statement is a formal communication from a company asking shareholders to sign and return written approval for a specific corporate action instead of voting at a meeting. Think of it like a petition dropped at your door asking you to agree to a change; for investors it signals an attempt to speed up decisions or change control, and it can directly affect the company’s governance, strategy and share value.

solicitation agents financial

"Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are serving as solicitation agents"

Solicitation agents are firms or individuals hired to contact shareholders or creditors to collect votes, approvals, or support for corporate actions such as mergers, tender offers, or reorganizations. They act like campaign organizers who coordinate outreach, explain proposals, and gather consent paperwork, and their effectiveness can determine whether a deal or corporate decision succeeds, influence timing and costs, and reveal potential biases that investors should consider.

information agent financial

"Global Bondholder Services Corporation ("GBSC") is serving as the information agent"

An information agent is a person, team, or third-party service designated to collect, verify and distribute a company’s important announcements, filings or notices to regulators, shareholders and the public. Think of it as the company’s official mailroom and translator combined—responsible for making sure the right facts get to the right people quickly and accurately; investors watch who serves this role because mistakes or delays can affect compliance, market reaction and trust.

blue sky laws regulatory

"it is unlawful to make such solicitation under applicable state or foreign securities or "blue sky" laws"

State-level securities laws that require companies and investment products to register, disclose key information, or meet exemptions before being sold to residents; they act like local consumer protection rules for investments. They matter to investors because they reduce the risk of fraud, ensure basic disclosure about what is being offered, and can affect where and how easily an investment can be bought or sold—similar to how building codes affect whether a house can be advertised in a neighborhood.

AI-generated analysis. Not financial advice.

ARLINGTON, Va., March 30, 2026 /PRNewswire/ -- The AES Corporation (the "Company" or "AES") (NYSE: AES) today announced that it has extended the expiration time for its previously announced solicitation of consents (the "Consent Solicitation") from registered holders of its 5.450% Senior Notes due 2028 (the "2028 Notes") to 5:00 p.m., New York City time, on March 31, 2026, unless earlier terminated (such time and date, as it may be extended, the "Expiration Time").

The Consent Solicitation was previously scheduled to expire at 5:00 p.m., New York City time, on March 27, 2026. As of such time, holders of approximately 49% of the $900 million outstanding aggregate principal amount of the 2028 Notes had validly delivered consents to adopt certain proposed amendments (the "Proposed Amendments") to the indenture governing the 2028 Notes.

Subject to the receipt of consents representing at least a majority of the outstanding aggregate principal amount of the 2028 Notes and the satisfaction of the other conditions applicable to the Consent Solicitation, the aggregate consent payment for the Consent Solicitation is $2,250,000, to be shared by all holders of 2028 Notes who validly deliver (and do not validly revoke) consents prior to the Expiration Time. 

Except for the extension of the Expiration Time with respect to the 2028 Notes as set forth above, the terms of the Consent Solicitation remain unchanged. Holders of the 2028 Notes that have validly delivered consents do not need to take further action in light of the extension. The Consent Solicitation is being made solely on the terms and subject to the conditions set forth in the consent solicitation statement dated March 5, 2026, as supplemented by the first supplement thereto dated March 16, 2026, and as further supplemented by the second supplement thereto dated March 19, 2026, as amended by this announcement (the "Consent Solicitation Statement"). Holders of the 2028 Notes are referred to the Consent Solicitation Statement for the detailed terms and conditions of the Consent Solicitation, all of which remain unchanged except as set forth in this press release.

Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are serving as solicitation agents (the "Solicitation Agents") in connection with the Consent Solicitation. Global Bondholder Services Corporation ("GBSC") is serving as the information agent and tabulation agent in connection with the Consent Solicitation. Questions regarding the terms of the Consent Solicitation may be directed to the Solicitation Agents to Goldman Sachs & Co. LLC at (800) 828-3182 (toll free) or to Citigroup Global Markets Inc. at (800) 558-3745. Questions or requests for assistance in completing and delivering a consent or requests for copies of the Consent Solicitation Statement may be directed to GBSC at (855) 654-2014 (toll free) or by email to contact@gbsc-usa.com.

This press release does not constitute an offer to sell or an offer to purchase, or a solicitation of an offer to purchase or sell, any security. The Consent Solicitation is only being made pursuant to the terms of the Consent Solicitation Statement. No recommendation is being made as to whether registered holders of the 2028 Notes should consent to the Proposed Amendments. The Consent Solicitation is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or "blue sky" laws.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. 

About Global Infrastructure Partners (GIP), a Part of BlackRock

Global Infrastructure Partners (GIP), a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors.

GIP's scaled platform has over $193 billion in assets under management. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our clients' capital and create positive economic impact for communities.

About EQT

EQT is a purpose-driven global investment organization with EUR 270 billion in total assets under management (EUR 141 billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

Important Information and Where to Find It

This communication may be deemed to be solicitation material in respect of the proposed transaction between AES and Horizon Parent, L.P. ("Parent"). In connection with the proposed transaction, AES expects to file a proxy statement on Schedule 14A with the Securities and Exchange Commission ("SEC"). AES also may file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for the proxy statement or any other document AES has filed or may file with the SEC and send to its stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the proxy statement (when available) and other documents that are filed or will be filed with the SEC by AES through the SEC's website at www.sec.gov or through AES' website at https://www.aes.com/investors/ or by contacting AES' Investor Relations Team at invest@aes.com.

Participants in the Solicitation

AES, its directors and officers and other employees may be deemed to be participants in the solicitation of proxies from AES' stockholders in connection with the proposed transaction. Additional information regarding the identity of the participants, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed transaction (if and when they become available). Information relating to the foregoing can also be found in the "Compensation Discussion & Analysis," "Security Ownership of Certain Beneficial Owners, Directors, and Executive Officers" and "Proposal 1: Election of Directors" sections in AES' proxy statement for its 2026 annual meeting of stockholders, which was filed with the SEC on March 20, 2026 (the "Annual Meeting Proxy Statement"). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information printed in the Annual Meeting Proxy Statement, such information has been or will be reflected on AES' Initial Statements of Beneficial Ownership on Form 3 and Statements of Change in Ownership on Form 4 that are filed or will be filed with the SEC. You may obtain free copies of these documents (when available) using the sources indicated above.

Cautionary Statement Regarding Forward-Looking Statements

This communication includes certain "forward-looking statements" within the meaning of, and subject to the safe harbor created by, the federal securities laws, including statements related to the proposed transaction between AES and Parent (the "Transaction"), including financial estimates and statements as to the expected timing, completion and effects of the Transaction. These forward-looking statements are based on AES' current expectations, estimates and projections regarding, among other things, the expected date of closing of the Transaction and the potential benefits thereof, its business and industry, management's beliefs and certain assumptions made by AES, all of which are subject to change. Forward-looking statements involve a number of risks and uncertainties, because they relate to events and depend upon future circumstances that may or may not occur, such as the consummation of the Transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the Transaction on anticipated terms and timing; (ii) the risk that the conditions to the completion of the Transaction, including obtaining required stockholder and regulatory approvals, are not satisfied in a timely manner or at all; (iii) potential litigation relating to the Transaction, including resulting expense or delay, and the effects of any outcomes related thereto; (iv) the risk that disruptions from the Transaction will harm AES' business, including current plans and operations; (v) the ability of AES to retain and hire key personnel; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transaction; (vii) continued availability of capital and financing and rating agency actions; (viii) certain restrictions during the pendency of the Transaction that may impact AES' ability to pursue certain business opportunities or strategic transactions; (ix) significant transaction costs associated with the Transaction; (x) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction, including in circumstances requiring AES to pay a termination fee or other expenses; (xii) competitive responses to the Transaction; and (xiii) the risks and uncertainties pertaining to AES' business, including those set forth in Part I, Item 1A of AES' most recently filed Annual Report on Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by AES with the SEC. These risks, as well as other risks associated with the Transaction, will be more fully discussed in the proxy statement to be provided to AES' stockholders in connection with the Transaction. While the list of factors presented here is, and the list of factors to be presented in the proxy statement will be, considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. These forward-looking statements speak only as of the date they are made, and AES does not undertake to and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

AES Investor Contact:

Susan Harcourt 703-682-1204, susan.harcourt@aes.com

AES Media Contact:

Amy Ackerman 703-682-6399, amy.ackerman@aes.com

GIP Contact:

Mustafa Riffat, 917-747-4156, mustafa.riffat@blackrock.com

EQT Contact:

Mathilde Milch, 917-510-6626, mathilde.milch@eqtpartners.com

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SOURCE The AES Corporation

FAQ

What change did AES (NYSE: AES) announce for the 2028 Notes consent solicitation on March 30, 2026?

AES extended the consent solicitation expiration to 5:00 p.m. ET on March 31, 2026. According to the company, this extension follows the prior March 27, 2026 expiration and does not change other solicitation terms.

How much is the aggregate consent payment for AES 5.450% Senior Notes due 2028 (AES)?

The aggregate consent payment is $2,250,000 to be shared among consenting holders. According to the company, payment is subject to receiving consents representing at least a majority of outstanding principal and other conditions.

What percentage of AES 2028 Notes had delivered consents before the extension was announced?

Approximately 49% of the $900 million outstanding principal had validly delivered consents. According to the company, that level fell short of the majority needed to effect the proposed indenture amendments.

Do holders who already delivered consents for AES 2028 Notes need to act after the extension?

No further action is required by holders who already validly delivered consents. According to the company, previously delivered consents remain valid despite the extension of the Expiration Time.

Who are the solicitation and information agents for AES's 2028 Notes consent solicitation (AES)?

Goldman Sachs and Citigroup are serving as solicitation agents; GBSC is the information and tabulation agent. According to the company, contact details were provided for holders seeking assistance or the solicitation statement.

What condition must be met for consenting AES 2028 Notes holders to receive the consent payment?

Consents representing at least a majority of outstanding 2028 Notes and satisfaction of other conditions must occur. According to the company, only if those conditions are met will the $2,250,000 be shared among valid consenting holders.