Preferred Stock Channel
AES Corp | $3.375 Trust Convertible Preferred Securities (AES.PRC)

Prospectus excerpt:  The Trust's only source of cash to make payments on the Preferred Securities are payments on the Junior Subordinated Debentures it purchases from AES. If you purchase the Preferred Securities, you are entitled to receive cumulative cash distributions at an annual rate of $3.375 per Preferred Security, accruing from the date of original issuance of the Preferred Securities and payable (except as described below) quarterly in arrears on January 15, April 15, July 15 and October 15 of each year beginning on January 15, 2000. If AES defers interest payments on the Junior Subordinated Debentures, the Trust will defer distributions on the Preferred Securities for up to 20 consecutive quarters. During any deferral period, with certain exceptions, AES will not be permitted to: declare or pay a dividend or make any distributions on its capital stock or redeem, purchase, acquire or make a liquidation payment on any of its capital stock or make any guarantee payments relating to the foregoing; or make an interest, principal or premium payment on, or repurchase or redeem any of its debt securities that rank equal with or junior to the Junior Subordinated Debentures.

The Trust must redeem all of the outstanding Trust Securities on October 15, 2029. In addition, if AES redeems any Junior Subordinated Debentures before their maturity, the Trust will use the cash it receives from the redemption to redeem, on a pro rata basis, Preferred Securities and Common Securities having a combined liquidation amount equal to the principal amount of the Junior Subordinated Debentures redeemed.

AES can redeem some or all of the Junior Subordinated Debentures before their maturity on one or more occasions in whole or in part at the prices specified herein at any time on or after October 17, 2002, and at any time at 100% of their principal amount if certain changes in tax law occur and certain other conditions are satisfied, as more fully described under "Description of the Preferred Securities--Special Event Redemption or Distribution."

Full Prospectus PDF », Secondary Prospectus PDF », AES Page »

Alternate symbology:AES-C, AES-PC, AESprC
Redeemable?:Yes
Call Date:10/17/2002 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Conversion Ratio:0.7108
Conversion Price:$70.34
Shares Offered:9,000,000
Overallotment:1,350,000
Liquidation Preference:$50.00
Original Coupon:6.75%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CDx3 Compliance Rating: Learn AES.PRC's Rating
AES is a holding company. Through its subsidiaries and affiliates, Co. operates a portfolio of electricity generation and distribution businesses. Co. is organized into four Strategic Business Units: U.S. and Utilities; South America; MCAC; and Eurasia. Co. has two lines of business: generation, in which it owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; and utilities, in which it owns and/or operates utilities to generate or purchase, distribute, transmit and sell electricity to end-user customers in the residential, commercial, industrial and governmental sectors within a defined service area.

Preferred: AES.PRC


Open the AES Information Page »
Name:  AES Corp
Website:  www.aes.com
Sector:  Electric Utilities
Number of ETFs Holding AES:  94 (see which ones)
Total Market Value Held by ETFs:  $2,158,364,566.68
Total Market Capitalization:  $11,819,000,000
% of Market Cap. Held by ETFs:  18.26%

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