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

Rhea-AI Summary

IPALCO Enterprises (NYSE:AES) extended the expiration time for its consent solicitations for the 4.25% Senior Notes due 2030 and 5.75% Senior Notes due 2034 to 5:00 p.m. New York City time on March 31, 2026. As of the prior expiration, consents represented ~33% of the $475 million 2030 Notes and ~25% of the $400 million 2034 Notes.

The aggregate consent payments are $1,187,500 for 2030 Notes and $1,000,000 for 2034 Notes, payable to holders who validly deliver consents before the new Expiration Time.

Positive

• Consent solicitation extended to March 31, 2026 5:00 PM
• Aggregate consent payment of $1,187,500 for 2030 Notes
• Aggregate consent payment of $1,000,000 for 2034 Notes

Negative

• Consents at previous expiry: only ~33% of $475M 2030 Notes
• Consents at previous expiry: only ~25% of $400M 2034 Notes
• Majority consents not yet reached for either series (required to effect amendments)

News Market Reaction – AES

+0.14%

1 alert

+0.14% News Effect

On the day this news was published, AES gained 0.14%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2030 Notes principal: $475 million 2034 Notes principal: $400 million 2030 Notes consents: 33% +5 more

8 metrics

2030 Notes principal $475 million Outstanding aggregate principal amount of 4.25% Senior Notes due 2030

2034 Notes principal $400 million Outstanding aggregate principal amount of 5.75% Senior Notes due 2034

2030 Notes consents 33% Portion of 2030 Notes holders that had validly delivered consents by prior expiry

2034 Notes consents 25% Portion of 2034 Notes holders that had validly delivered consents by prior expiry

2030 consent payment pool $1,187,500 Aggregate consent payments for 4.25% Senior Notes due 2030

2034 consent payment pool $1,000,000 Aggregate consent payments for 5.75% Senior Notes due 2034

2030 coupon 4.25% Coupon on Senior Notes due 2030 subject to consent solicitation

2034 coupon 5.75% Coupon on Senior Notes due 2034 subject to consent solicitation

Market Reality Check

Price: $14.20 Vol: Volume 17,095,679 is at 0...

normal vol

$14.20 Last Close

Volume Volume 17,095,679 is at 0.83x the 20-day average of 20,507,074, indicating muted activity ahead of this update. normal

Technical Price at $14.00 is trading above the 200-day MA at $13.77 and about 20.68% below the 52-week high of $17.65.

Peers on Argus

AES slipped 0.07% with mixed moves across peers: AQN down 0.08%, ALE down 0.10%,...

AES slipped 0.07% with mixed moves across peers: AQN down 0.08%, ALE down 0.10%, BIP down 2.24%, while AVA rose 0.66% and CIG was flat. No concerted sector trend is evident around this bond consent update.

Historical Context

5 past events · Latest: Mar 25 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 25	Consent solicitation extension	Neutral	-0.5%	DPL extended expiration for consent solicitation on 4.35% 2029 notes with $1M payment.
Mar 25	Consent solicitations update	Neutral	-0.5%	AES extended 2028 notes consent solicitation and ended 2030/2031 solicitations without payments.
Mar 25	Consent solicitation extension	Neutral	-0.5%	IPALCO extended consent deadline for 2030 and 2034 notes with defined aggregate payments.
Mar 25	Solar project milestone	Neutral	-0.5%	Completion of 100 MW robotic solar installation at AES’ Bellefield complex highlighting productivity.
Mar 24	Investor materials posted	Neutral	-0.5%	AES posted new fixed income ‘Parent Liquidity Schedules’ materials for bond investors.

Pattern Detected

Recent fixed-income and financing-related communications, including multiple consent solicitations and liquidity materials, were followed by modest -0.5% stock moves, suggesting equity trading has reacted mildly to these capital-structure updates.

Recent Company History

Over the past week, AES-related entities have issued several fixed-income and financing updates. On March 24–25, 2026, AES posted new fixed income investor materials and extended or adjusted consent solicitations for various note series, including IPALCO’s 2030 and 2034 notes and DPL’s 2029 notes. These events, along with operational news like the 100 MW robotic solar installation, all coincided with similar -0.5% price moves, indicating consistently muted equity responses to these disclosures.

Market Pulse Summary

This announcement extends IPALCO’s consent solicitations on its 4.25% 2030 and 5.75% 2034 senior not...

Analysis

This announcement extends IPALCO’s consent solicitations on its 4.25% 2030 and 5.75% 2034 senior notes, covering $475 million and $400 million of principal, respectively. It updates timing but keeps economic terms and aggregate consent payments of $1,187,500 and $1,000,000 unchanged. Within AES’ broader context of fixed income communications and merger-related financing adjustments, investors may watch future disclosures on noteholder participation and any resulting indenture amendments.

Key Terms

consent solicitations, senior notes, indentures, solicitation agents, +4 more

8 terms

consent solicitations financial

"extended the expiration time for each 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 financial

"proposed amendments to the respective 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.

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.

tabulation agent financial

"GBSC is serving as the information agent and tabulation agent in connection"

A tabulation agent is an independent party hired to collect, count and verify shareholder votes in corporate elections and proxy matters. Like an impartial vote-counter at an election, the agent ensures results are accurate and documented, which matters to investors because those certified outcomes determine control, board composition and approval of major corporate actions that can affect a company’s direction and stock value.

consent solicitation statement financial

"The Consent Solicitations are being made solely on the terms and subject to the conditions set forth in the consent solicitation statement"

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.

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.

INDIANAPOLIS, March 30, 2026 /PRNewswire/ -- IPALCO Enterprises, Inc. ("IPALCO") today announced that it has extended the expiration time for each of its previously announced solicitations of consents (each, a "Consent Solicitation" and, collectively, the "Consent Solicitations") from registered holders (the "Holders") of its 4.25% Senior Notes due 2030 (the "2030 Notes") and 5.75% Senior Notes due 2034 (the "2034 Notes" and, together with the 2030 Notes, the "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 with respect to any series of Notes, the "Expiration Time").

The Consent Solicitations were previously scheduled to expire at 5:00 p.m., New York City time, on March 27, 2026. As of such time, Holders of approximately 33% of the $475 million outstanding aggregate principal amount of the 2030 Notes and Holders of approximately 25% of the $400 million outstanding aggregate principal amount of the 2034 Notes had validly delivered consents to adopt certain proposed amendments (the "Proposed Amendments") to the respective indentures governing the Notes. Except for the extension of the Expiration Time with respect to each series of Notes as set forth above, the terms of the Consent Solicitations 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 applicable series of Notes and the satisfaction of the other conditions applicable to such Consent Solicitation, the aggregate consent payments for the Consent Solicitations with respect to the 2030 Notes and the 2034 Notes are $1,187,500 and $1,000,000, respectively, to be shared by all holders of the applicable series of Notes who validly deliver (and do not validly revoke) consents prior to the Expiration Time. 

The Consent Solicitations are 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 each series of Notes are referred to the Consent Solicitation Statement for the detailed terms and conditions of the Consent Solicitations with respect to each series of Notes, 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 Solicitations. Global Bondholder Services Corporation ("GBSC") is serving as the information agent and tabulation agent in connection with the Consent Solicitations. Questions regarding the terms of the Consent Solicitations 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 Solicitations are 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 Solicitations are 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 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.  

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 IPALCO'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 IPALCO, 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 IPALCO's 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' or IPALCO'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 IPALCO's business, including those set forth in Part I, Item 1A of AES' and IPALCO'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 IPALCO 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 IPALCO 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/ipalco-enterprises-inc-announces-extension-of-expiration-time-for-previously-announced-consent-solicitations-302728564.html

SOURCE IPALCO Enterprises

FAQ

Why did IPALCO (AES) extend the consent solicitation deadline to March 31, 2026?

IPALCO extended the deadline to give holders more time to deliver consents. According to IPALCO, the Expiration Time was moved to 5:00 p.m. New York City time on March 31, 2026 to allow additional participation before finalizing the Proposed Amendments.

How much are the consent payments for AES 4.25% 2030 and 5.75% 2034 notes?

The aggregate consent payments are fixed amounts for consenting holders. According to IPALCO, payments total $1,187,500 for the 2030 Notes and $1,000,000 for the 2034 Notes, shared among valid consenting holders.

What consent levels had IPALCO (AES) received by the prior March 27, 2026 expiry?

By the previous expiration, consents were below a majority for both series. According to IPALCO, about 33% of 2030 Notes and about 25% of 2034 Notes had validly delivered consents.

Do holders who already delivered consents need to act after IPALCO (AES) extended the deadline?

No further action is required from holders who already submitted valid consents. According to IPALCO, holders that validly delivered consents do not need to take additional steps due to the extension.

What conditions must be met for the Proposed Amendments to succeed for AES notes?

A majority of outstanding principal and other solicitation conditions must be satisfied for amendments to take effect. According to IPALCO, consents representing at least a majority and other stated conditions are required to adopt the Proposed Amendments.