Registration File No. 333-186888
Supplementing the Preliminary
Prospectus Supplement
dated April 25, 2013
PRICING TERM SHEET
THE AES CORPORATION
April 25, 2013
$500,000,000 4.875% Senior Notes due 2023
Summary of Terms
| Issuer: |
The AES Corporation |
| Issue: |
Senior Notes |
| Maturity: |
May 15, 2023 |
| Principal Amount: |
$500,000,000 |
| Price to Public: |
100.00% |
| Gross Spread: |
1.5% |
| Net Proceeds: |
$492,500,000 |
| Coupon (Interest Rate): |
4.875% |
| Yield to Maturity: |
4.875% |
| Spread to Benchmark Treasury: |
T + 316bps |
| Benchmark Treasury: |
UST 2.000% due February 15, 2023 |
| Interest Payment Dates: |
May 15th and November 15th, commencing on November 15, 2013 |
| Change of Control: |
Investor put at 101% |
| Optional Redemption: |
On and after May 15, 2018, the Issuer may redeem all or part of the notes, on one or more occasions, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest thereon, if any, to, but not including, the applicable redemption date, if redeemed during |
| the twelve month period beginning on May 15th of the years indicated below: |
| Year |
Price | |
| 2018 |
102.4375% | |
| 2019 |
101.6250% | |
| 2020 |
100.8125% | |
| 2021 and thereafter |
100.000% | |
| At any time prior to May 15, 2018, the Issuer may also redeem all or a part of the notes at a redemption price equal to 100% of the principal amount of notes redeemed plus the applicable make-whole premium (T+50). |
| Bookrunners: |
Morgan Stanley & Co. LLC |
Barclays Capital Inc.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
RBS Securities Inc.
| Co-Managers: |
Mitsubishi UFJ Securities (USA), Inc. |
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Goldman, Sachs & Co.
J.P. Morgan Securities LLC
BNP Paribas Securities Corp.
Credit Agricole Securities (USA) Inc.
HSBC Securities (USA) Inc.
SG Americas Securities, LLC
| Trade Date: |
April 25, 2013 |
| Settlement Date (T+3): |
April 30, 2013 |
| CUSIP/ISIN |
00130H BT1 / US00130HBT14 |
The information in this communication supersedes the information in the preliminary prospectus supplement to the extent it is inconsistent with such information. Other information presented in the preliminary prospectus supplement is deemed to have changed to the extent affected by the changes described herein.
The issuer has filed a registration statement, including a prospectus and a preliminary prospectus supplement, with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the preliminary prospectus supplement (or, if available, the prospectus supplement) if you request it by calling Morgan Stanley & Co. LLC toll free at
1-866-718-1649.
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