IPALCO Enterprises, Inc. Announces Expiration of Previously Announced Consent Solicitations

IPALCO Enterprises (NYSE:AES) ended its previously announced consent solicitations for its 4.25% Senior Notes due 2030 and 5.75% Senior Notes due 2034.

Rhea-AI Summary

IPALCO Enterprises (NYSE:AES) ended its previously announced consent solicitations for its 4.25% Senior Notes due 2030 and 5.75% Senior Notes due 2034.

The solicitations expired on May 13, 2026 without receiving requisite holder consents. IPALCO chose not to extend and terminated them; no consent consideration will be paid.

Positive

• Company will not pay any consent consideration to noteholders, preserving cash
• Termination of the consent solicitations removes near-term uncertainty around proposed indenture changes

Negative

• Requisite consents for amendments to the 2030 and 2034 Notes were not obtained
• Noteholders who delivered consents will receive no consideration for their participation

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 ends IPALCO’s effort to amend indentures on its 4.25% 2030 and 5.75% 2034 Senior N...

Analysis

This announcement ends IPALCO’s effort to amend indentures on its 4.25% 2030 and 5.75% 2034 Senior Notes after failing to secure requisite consents by May 13, 2026. No consideration will be paid to participating holders, marking a different outcome from AES’s previously successful consent solicitation on its 2028 notes. In the wider context, AES already agreed to an all-cash merger at $15.00 per share, so investors may focus more on merger progress than these note-level changes.

Key Figures

2030 Notes coupon: 4.25% 2034 Notes coupon: 5.75% Expiration date: May 13, 2026 +1 more

2030 Notes coupon

4.25%

4.25% Senior Notes due 2030 subject to expired consent solicitations

2034 Notes coupon

5.75%

5.75% Senior Notes due 2034 included in the solicitations

Expiration date

May 13, 2026

Consent solicitations expired at 5:00 p.m. New York City time

Expiration time

5:00 p.m. New York City time

Cutoff time for IPALCO consent solicitations on 2030 and 2034 Notes

Historical Context

5 past events · Latest: Apr 01

5 events

1. Apr 01

   Consent solicitation result

   24h Move

   +0.8%

   Successful completion of consent solicitation for 5.450% Senior Notes due 2028.

2. Apr 01

   Consent extension

   24h Move

   +0.8%

   DPL extended expiration for consents on 4.35% Senior Notes due 2029.

3. Apr 01

   Consent extension

   24h Move

   +0.8%

   IPALCO extended expiration for consents on 2030 and 2034 Senior Notes.

4. Mar 30

   Consent extension

   24h Move

   +0.1%

   AES extended consent solicitation deadline on 5.450% Senior Notes due 2028.

5. Mar 30

   Consent extension

   24h Move

   +0.1%

   DPL extended consent solicitation timing for 4.35% Senior Notes due 2029.

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

Key Terms

consent solicitations, senior notes, indentures

3 terms

consent solicitations financial

"announced the termination of its previously announced solicitations of consents"

A consent solicitation is a formal request sent to shareholders asking them to approve or waive specific corporate actions — such as contract changes, mergers, or amendments to governance rules — often by signing a written consent instead of voting at a meeting. For investors this matters because it can speed up major decisions and alter rights or payments without a public vote, so shareholders need to weigh potential benefits, risks and any pressure to agree, much like neighbors being asked to sign off on a change to a shared driveway.

senior notes financial

"Holders of its 4.25% Senior Notes due 2030 and 5.75% Senior Notes due 2034"

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.

indentures regulatory

"proposed amendments to the indentures governing the Notes"

Indentures are the written contracts that set out the terms and protections for a debt issue, such as a bond or note, including payment schedule, interest rate, collateral, and what happens if the borrower misses payments. Think of it like the rulebook and safety features for a loan that both the borrower and lenders agree to; investors use it to assess their rights, recoveries in trouble, and limits on the issuer’s future actions.

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

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INDIANAPOLIS, May 14, 2026 /PRNewswire/ -- IPALCO Enterprises, Inc. ("IPALCO") today announced the termination of its previously announced solicitations of consents (each, an "Expired Solicitation" and, collectively, the "Expired Solicitations") from registered holders (the "Holders") of its 4.25% Senior Notes due 2030 (the "2030 Notes") and 5.75% Senior Notes due 2034 (together with the 2030 Notes, the "Notes") to certain proposed amendments to the indentures governing the Notes.

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

About IPALCO

IPALCO Enterprises, Inc. is a holding company which, through its principal subsidiary Indianapolis Power & Light Company, a regulated electric utility that provides retail electric service to more than 533,000 residential, commercial and industrial customers, engages primarily in generating, transmitting, distributing and selling electric energy, with its customer base concentrated in Indianapolis, Indiana. IPALCO Enterprises, Inc. is owned by The AES Corporation, a global power company, with CDP Infrastructures Fund L.P., a wholly owned subsidiary of La Caisse de dépôt et placement du Québec (CDPQ), as minority interest holder.

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/ipalco-enterprises-inc-announces-expiration-of-previously-announced-consent-solicitations-302771608.html

SOURCE IPALCO Enterprises

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did IPALCO announce on May 14, 2026 regarding its consent solicitations for AES?

IPALCO announced it terminated its previously launched consent solicitations for its 4.25% 2030 Notes and 5.75% 2034 Notes. According to IPALCO, the solicitations expired without the requisite holder consents and will not be extended, ending the effort to amend the note indentures.

When did IPALCO's consent solicitations for its 2030 and 2034 notes under AES expire?

The consent solicitations expired at 5:00 p.m., New York City time, on May 13, 2026. According to IPALCO, this expiration occurred without the necessary level of noteholder consents, prompting the company to terminate the solicitations rather than extend the expiration time.

Why did IPALCO terminate the consent solicitations for its 4.25% 2030 and 5.75% 2034 notes (AES)?

IPALCO terminated the consent solicitations because it had not received the requisite consents from noteholders by the expiration time. According to IPALCO, the company chose not to extend the deadline and instead ended the solicitations, leaving the proposed indenture amendments unimplemented.

Will noteholders who consented in IPALCO's expired solicitations receive any payment (AES)?

No, noteholders who previously delivered consents will not receive any consideration. According to IPALCO, no consent fees were or will become payable in connection with the expired solicitations, meaning holders who participated do not receive compensation for providing their consents.

Which IPALCO notes were affected by the expired consent solicitations for AES?

The expired solicitations covered IPALCO's 4.25% Senior Notes due 2030 and 5.75% Senior Notes due 2034. According to IPALCO, these efforts sought consents to certain proposed indenture amendments but ended after expiring without sufficient support from registered noteholders.