The AES Corporation's Subsidiary Announces Pricing Of Private Offering Of Senior Notes

The AES Corporation announced the pricing of a $1.25 billion private offering of senior notes by its newly formed, wholly owned special purpose indirect subsidiary, Dolphin Subsidiary II, Inc. (the Company). The private offering consisted of $450 million aggregate principal amount of 6.50% senior notes due 2016 and $800 million aggregate principal amount of 7.25% senior notes due 2021 (together, the Notes) in a private offering exempt from registration in accordance with Rule 144A and Regulation S under the United States Securities Act of 1933, as amended (the Securities Act). The closing of the offering is expected to occur on October 3, 2011. The net proceeds from the offering will be used to finance The AES Corporation's previously announced pending acquisition (the Merger) of DPL Inc. (DPL). Subject to and upon the consummation of the Merger, the Company will merge with and into DPL, with DPL continuing as the surviving company and obligor under the Notes. If the Merger is not consummated on or before September 30, 2012, the proceeds from the offering will be used to redeem the Notes at a redemption price equal to 101% of the offering price of the Notes, plus accrued and unpaid interest to, but not including, the redemption date.