DPL LLC Announces Expiration of Previously Announced Consent Solicitation

DPL LLC, formerly DPL Inc., announced the expiration and termination of its previously launched consent solicitation for its 4.35% Senior Notes due 2029.

Rhea-AI Summary

DPL LLC, formerly DPL Inc., announced the expiration and termination of its previously launched consent solicitation for its 4.35% Senior Notes due 2029.

The solicitation expired at 5:00 p.m. New York City time on May 13, 2026 without receiving requisite holder consents, and no consideration will be paid.

Positive

• None.

Negative

• Consent solicitation for 4.35% Senior Notes due 2029 failed to obtain requisite consents
• No consideration will be paid to holders who previously delivered consents

Argus May 14 session

+0.21% close to close Open Argus

Details

News Market Reaction – AES

In the May 14 session, AES gained 0.21%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details the expiration of DPL’s consent solicitation for its 4.35% Senior Notes du...

Analysis

This announcement details the expiration of DPL’s consent solicitation for its 4.35% Senior Notes due 2029, with requisite consents not obtained and no consideration payable to prior consenting holders. Recent history shows AES and affiliates frequently adjusting terms and deadlines on various note issues, often with limited equity volatility. Investors may focus on how unchanged indenture terms fit within AES’s broader financing structure and the pending all-cash merger valued at $15.00 per share.

Key Figures

Coupon rate: 4.35%

Coupon rate

4.35%

4.35% Senior Notes due 2029 in the consent solicitation

Historical Context

5 past events · Latest: Apr 01

5 events

1. Apr 01

   Consent solicitation success

   24h Move

   +0.8%

   Successful completion of 5.450% 2028 notes consent solicitation with consent payment.

2. Apr 01

   Consent deadline extension

   24h Move

   +0.8%

   DPL extended 4.35% 2029 notes consent deadline and maintained $1,000,000 fee.

3. Apr 01

   Multiple consent extensions

   24h Move

   +0.8%

   IPALCO extended consent solicitations for 2030 and 2034 notes with set payments.

4. Mar 30

   Consent deadline extension

   24h Move

   +0.1%

   AES extended 2028 notes consent deadline; about 49% principal had consented.

5. Mar 30

   Consent deadline extension

   24h Move

   +0.1%

   DPL extended 2029 notes consent deadline; ~39% of $400M notes had consented.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

consent solicitation, senior notes, indenture

3 terms

consent solicitation financial

"termination of its previously announced solicitation of consents"

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

"Holders of its 4.35% Senior Notes due 2029 (the "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 to the indenture governing the 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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DAYTON, Ohio , May 14, 2026 /PRNewswire/ -- DPL LLC (f/k/a DPL Inc.) ("DPL") today announced the termination of its previously announced solicitation of consents (the "Expired Solicitation") from registered holders (the "Holders") of its 4.35% Senior Notes due 2029 (the "Notes") to certain proposed amendments to the indenture governing the Notes.

The Expired Solicitation expired at 5:00 p.m., New York City time, on May 13, 2026. As of such time, DPL had not received the requisite consents from the Holders. Rather than extend the expiration time for the Expired Solicitation, DPL has determined to terminate the Expired Solicitation. No consideration will be paid or become payable to Holders who previously delivered consents pursuant to the Expired Solicitation.

About DPL LLC

DPL LLC is a regional energy provider and an AES company. DPL's primary subsidiaries include The Dayton Power and Light Company and Miami Valley Insurance Company (MVIC). The Dayton Power and Light Company, a regulated electric utility, provides service to more than 541,000 residential, commercial and industrial customers in a 6,000-square-mile service area in West Central Ohio and MVIC, a captive insurance company, provides insurance services to DPL and its subsidiaries.

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.

Investor Contact: Susan Harcourt 703-682-1204, susan.harcourt@aes.com
Media Contact: Amy Ackerman 703-682-6399, amy.ackerman@aes.com 

View original content:https://www.prnewswire.com/news-releases/dpl-llc-announces-expiration-of-previously-announced-consent-solicitation-302771607.html

SOURCE DPL LLC

FAQ

What did DPL announce about its consent solicitation for 4.35% Senior Notes due 2029 (AES)?

DPL announced that its consent solicitation for 4.35% Senior Notes due 2029 has expired and been terminated. According to DPL, the process ended after failing to obtain requisite consents from registered holders, and the proposed amendments will not proceed.

When did DPL's consent solicitation for AES 4.35% Senior Notes due 2029 expire?

The consent solicitation expired at 5:00 p.m. New York City time on May 13, 2026. According to DPL, this expiration marked the end of the process, after which the company decided not to extend and instead terminate the solicitation.

Why did DPL terminate its consent solicitation for 4.35% Senior Notes due 2029 (AES)?

DPL terminated the solicitation because it did not receive the requisite consents from noteholders by the expiration time. According to DPL, the company chose not to extend the deadline and instead formally ended the consent solicitation process.

Will DPL pay any consideration to holders who consented in the AES 4.35% Notes solicitation?

No, DPL will not pay any consideration to holders who previously delivered consents. According to DPL, because the consent solicitation expired without requisite approvals and has been terminated, no consent payments will be or become payable to such holders.

What happens to the indenture for DPL’s 4.35% Senior Notes due 2029 after the expired solicitation?

The indenture governing the 4.35% Senior Notes due 2029 remains unchanged because the proposed amendments did not receive requisite consents. According to DPL, the consent solicitation has expired and been terminated, so the amendments will not take effect.