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 the 4.35% Senior Notes due 2029 to 5:00 p.m. New York time on March 27, 2026, unless earlier terminated. As of the prior expiration, holders of ~35% of the $400 million outstanding principal had validly delivered consents. The aggregate consent payment remains $1,000,000, payable if consents representing a majority of outstanding principal are obtained and other conditions are satisfied.

Positive

• Expiration extended to 5:00 p.m. on March 27, 2026
• $1,000,000 aggregate consent payment available to consenting holders

Negative

• Only ~35% of $400M outstanding principal had validly delivered consents as of March 24, 2026
• Majority consent (over 50%) has not yet been achieved

Key Figures

Coupon rate: 4.35% Outstanding notes: $400 million Consenting holders: 35% +5 more

8 metrics

Coupon rate 4.35% Senior Notes due 2029 referenced in consent solicitation

Outstanding notes $400 million Aggregate principal amount of 4.35% Senior Notes due 2029

Consenting holders 35% Approximate share of outstanding principal with valid consents as of March 24, 2026

Aggregate consent payment $1,000,000 Total pool to be shared by holders who validly deliver consents

New expiration time 5:00 p.m. March 27, 2026 Extended expiration for the consent solicitation

Prior expiration time 5:00 p.m. March 24, 2026 Original expiration for the consent solicitation

Consent statement date March 5, 2026 Date of consent solicitation statement referenced

Supplements dates March 16 and 19, 2026 Dates of first and second supplements to consent solicitation statement

Market Reality Check

Price: $14.13 Vol: Volume 15,252,704 vs 20-d...

normal vol

$14.13 Last Close

Volume Volume 15,252,704 vs 20-day average 20,016,786 (relative volume 0.76). normal

Technical Price 14.13 sits slightly above 200-day MA 13.72, indicating a mildly supportive trend pre-announcement.

Peers on Argus

AES gained 0.36% while peers showed mixed, modest moves: CIG +1.3%, AQN +1.53%, ...

AES gained 0.36% while peers showed mixed, modest moves: CIG +1.3%, AQN +1.53%, AVA +1.29%, BIP +0.18%, ALE -0.1%. With no peers in the momentum scanner, the stock’s move appears more company-specific than sector-driven.

Historical Context

5 past events · Latest: Mar 19 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 19	Consent solicitation update	Neutral	-0.2%	Requisite consents for 2032 notes and extensions for 2028–2031 consent solicitations.
Mar 19	Affiliate consent update	Neutral	-0.2%	IPALCO extends 2030 and 2034 note solicitations and narrows amendments to change‑of‑control waiver.
Mar 19	DPL consent amendment	Neutral	-0.2%	DPL revises fee formula and extends 4.35% 2029 notes consent solicitation tied to Merger.
Mar 16	AES consent fee hike	Neutral	+0.1%	AES raises consent fee on four note series and extends expiration to March 18, 2026.
Mar 16	DPL extension & fee rise	Neutral	+0.1%	DPL extends 4.35% 2029 notes solicitation to March 18, 2026 and lifts fee to $2.50.

Pattern Detected

Recent consent-solicitation and merger-related updates produced minimal price reactions, generally within about ±0.21%, suggesting the equity market has largely priced in this theme.

Recent Company History

Over March 16–19, 2026, AES and affiliates repeatedly amended and extended consent solicitations for multiple senior note series, often raising consent fees to around $2.50 per $1,000 and pushing expirations to March 18 and March 24, 2026. These actions supported a planned Merger expected in late 2026/early 2027, with prior headlines focused on aligning note terms with change‑of‑control needs. Price reactions stayed muted (from -0.21% to +0.07%), indicating equity holders had already internalized much of this liability-management activity.

Market Pulse Summary

This announcement extends the DPL LLC consent solicitation for its 4.35% Senior Notes due 2029 to Ma...

Analysis

This announcement extends the DPL LLC consent solicitation for its 4.35% Senior Notes due 2029 to March 27, 2026, keeping terms and the $1,000,000 aggregate consent pool unchanged. It follows a series of AES- and affiliate-level consent extensions and fee adjustments in mid-March that supported the planned $15.00-per-share Horizon Parent transaction. Investors may monitor future consent results, additional amendments, and related SEC filings to understand how efficiently AES’s capital structure is aligning with the proposed merger.

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") from"

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 (the "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 (the "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.

aggregate principal amount financial

"35% of the $400 million outstanding aggregate principal amount of the Notes had validly delivered"

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.

expiration time technical

"to 5:00 p.m., New York City time, on March 27, 2026, unless earlier terminated (such time and date, as it may be extended, the "Expiration Time")"

Expiration time is the specific moment when a financial contract, option, future, warrant or a standing order stops being valid and its rights or obligations end. It matters to investors because it sets the final deadline to exercise rights, close positions or have an order executed; like a concert ticket that becomes worthless after the show, missing that moment can erase potential gains or create unexpected losses.

solicitation agents financial

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

"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.

DAYTON, Ohio, March 25, 2026 /PRNewswire/ -- DPL LLC (f/k/a DPL Inc.) ("DPL") today announced that it has extended the expiration time for its previously announced solicitation of consents (the "Consent Solicitation") from registered holders (the "Holders") of its 4.35% Senior Notes due 2029 (the "Notes") to 5:00 p.m., New York City time, on March 27, 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 24, 2026. As of such time, Holders of approximately 35% of the $400 million outstanding aggregate principal amount of the Notes had validly delivered consents to adopt certain proposed amendments (the "Proposed Amendments") to the indenture governing the Notes. Except for the extension of the Expiration Time as set forth above, the terms of the Consent Solicitation remain unchanged. Holders of the Notes that have validly delivered consents do not need to take further action in light of the extension.

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 $1,000,000, to be shared by all Holders who validly deliver (and do not validly revoke) consents prior to the Expiration Time. 

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 $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 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 

View original content:https://www.prnewswire.com/news-releases/dpl-llc-announces-extension-of-expiration-time-for-previously-announced-consent-solicitation-302724812.html

SOURCE DPL LLC

FAQ

What change did DPL (AES) make to the consent solicitation deadline on March 25, 2026?

DPL extended the consent solicitation deadline to 5:00 p.m. New York time on March 27, 2026. According to the company, the extension moves the prior March 24, 2026 expiration and leaves all other terms unchanged.

How many 4.35% senior notes due 2029 holders had consented as of the prior expiration?

Approximately 35% of the $400 million aggregate principal had validly delivered consents by March 24, 2026. According to the company, that figure is below the majority threshold required to trigger the consent payment.

Will consenting holders receive any payment if the consent solicitation succeeds for AES notes?

Yes; an aggregate consent payment of $1,000,000 is payable if consents from a majority of outstanding principal are received. According to the company, the payment is shared pro rata by holders who validly deliver consents before the Expiration Time.

Do noteholders who already delivered consents need to act after the extension?

No; holders who validly delivered consents prior to the original expiration need not take further action because their consents remain valid. According to the company, only the Expiration Time changed and other terms remain unchanged.

Who are the solicitation and information agents for the AES consent solicitation?

Goldman Sachs and Citigroup are serving as solicitation agents; Global Bondholder Services Corporation is the information and tabulation agent. According to the company, questions about the solicitation should be directed to those agents using provided contact channels.