DPL LLC Announces Extension of Expiration Time for Previously Announced Consent Solicitation
Rhea-AI Summary
DPL LLC (NYSE:AES) extended the expiration time for its consent solicitation for its 4.35% Senior Notes due 2029 to 5:00 p.m. New York City time on May 13, 2026, from the prior March 31, 2026 deadline.
As of March 31, holders of about 39% of the $400 million outstanding principal had delivered consents; the aggregate consent payment remains $1,000,000 payable if consents representing a majority are received and conditions are satisfied.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Expiration extended to 5:00 p.m. on May 13, 2026
- $1,000,000 aggregate consent payment for participating holders
Negative
- Only 39% of $400M outstanding notes consented as of March 31, 2026
- Consents below required majority; outcome remains uncertain
News Market Reaction – AES
On the day this news was published, AES gained 0.78%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 30 | Consent solicitation | Neutral | +0.1% | Extended consent period for 5.450% 2028 notes with existing payment terms. |
| Mar 30 | Consent solicitation | Neutral | +0.1% | Extended DPL consent period for 4.35% 2029 notes with set payment. |
| Mar 30 | Consent solicitations | Neutral | +0.1% | IPALCO extended consents for 2030 and 2034 notes with specified payments. |
| Mar 25 | Consent solicitation | Neutral | -0.5% | Earlier DPL extension for 4.35% 2029 notes with majority-consent condition. |
| Mar 25 | Consent solicitations | Neutral | -0.5% | AES extended 2028 notes consent and ended 2030 and 2031 solicitations. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent consent solicitation extensions across AES entities have coincided with very small share price moves, suggesting equity investors have treated these items as low-impact events.
Over late March 2026, AES and its subsidiaries, including DPL LLC and IPALCO Enterprises, repeatedly extended consent solicitations for multiple note issues, with aggregate consent payments ranging from $1,000,000 to $2,250,000. Participation levels cited included 35–49% of outstanding principals on affected notes. The associated share price reactions around these announcements were modest, between -0.5% and +0.14%. Today’s DPL LLC extension for the 4.35% Senior Notes due 2029 fits into this ongoing liability-management pattern.
Key Terms
consent solicitation financial
senior notes financial
indenture financial
solicitation agents financial
information agent financial
tabulation agent financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Consent Solicitation was previously scheduled to expire at 5:00 p.m.,
Subject to the receipt of consents representing at least a majority of the outstanding aggregate principal amount of the Notes and the satisfaction of the other conditions applicable to the Consent Solicitation, the aggregate consent payment for the Consent Solicitation is
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 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 Holders 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 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.
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
About EQT
EQT is a purpose-driven global investment organization with
Important Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed transaction between The AES Corporation ("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' and DPL's 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 and DPL, 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' or DPL's businesses, 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' or DPL's 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' or DPL's businesses, including those set forth in Part I, Item 1A of each of AES' and DPL's 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 or DPL 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 and DPL do not undertake to and specifically disclaim 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 DPL LLC