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AES_111403
- 1. AES RECOURSE DEBT AND TRUST PREFERRED SCHEDULED MATURITIES SUMMARY
Scheduled Maturities (1)
Q4 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2027 2029
(Dollars in millions) Q4 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2027 2029
Revolving Credit Facility 0 0 0 0 250 0 0 0 0 0 0 0 0 0 0
Term Loan 0 0 0 0 0 700 0 0 0 0 0 0 0 0 0
Senior Secured Bank Debt $0 $0 $0 $0 $250 $700 $0 $0 $0 $0 $0 $0 $0 $0 $0
10% Senior Secured First Priority Notes due Dec 2005 0 103 155 0 0 0 0 0 0 0 0 0 0 0 0
8.75% Senior Secured Second Priority Notes due May 2013 0 0 0 0 0 0 0 0 0 0 1,200 0 0 0 0
9% Senior Secured Second Priority Notes due May 2015 0 0 0 0 0 0 0 0 0 0 0 0 600 0 0
Senior Secured Notes $0 $103 $155 $0 $0 $0 $0 $0 $0 $0 $1,200 $0 $600 $0 $0
8.75% Senior Notes due June 2008 0 0 0 0 0 223 0 0 0 0 0 0 0 0 0
8% Senior Notes due December 2008 0 0 0 0 0 156 0 0 0 0 0 0 0 0 0
9.5% Senior Notes due June 2009 0 0 0 0 0 0 470 0 0 0 0 0 0 0 0
9.375% Senior Notes due September 2010 0 0 0 0 0 0 0 423 0 0 0 0 0 0 0
8.875% Senior Notes due February 2011 0 0 0 0 0 0 0 0 313 0 0 0 0 0 0
8.375% Senior Notes due March 2011 0 0 0 0 0 0 0 0 167 0 0 0 0 0 0
Senior Notes $0 $0 $0 $0 $0 $379 $470 $423 $481 $0 $0 $0 $0 $0 $0
8.375% Senior Subordinated Notes due August 2007 0 0 0 0 243 0 0 0 0 0 0 0 0 0 0
8.5% Senior Subordinated Notes due November 2007 0 0 0 0 277 0 0 0 0 0 0 0 0 0 0
8.875% Senior Subordinated Notes due November 2027 0 0 0 0 0 0 0 0 0 0 0 0 0 115 0
Senior Subordinated Notes $0 $0 $0 $0 $520 $0 $0 $0 $0 $0 $0 $0 $0 $115 $0
4.5% Convertible Junior Subordinated Debentures due August 2005 $0 $0 $149 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
6% Trust Preferred VII due May 2008 0 0 0 0 0 292 0 0 0 0 0 0 0 0 0
6.75% Trust Preferred III due October 2029 0 0 0 0 0 0 0 0 0 0 0 0 0 0 518
Trust Preferred $0 $0 $0 $0 $0 $292 $0 $0 $0 $0 $0 $0 $0 $0 $518
Total Recourse Debt Including Trust Preferred $0 $103 $304 $0 $770 $1,371 $470 $423 $481 $0 $1,200 $0 $600 $115 $518
(1)
The table above sets forth scheduled maturities with respect to outstanding recourse indebtedness and trust preferred securities. The table does not include obligations of AES Corporation with respect to which there is no direct recourse to AES. In addition, the table
does not include unscheduled maturities. Some of AES' outstanding obligations require mandatory repayment upon occurrence of certain specified events, including without limitations, the generation of adjusted free cash flow in excess of certain specified amounts and
certain asset sales and capital transactions. Please see AES' Investor Fact Book, September 2003 and Securities and Exchange Commission filings for further information.
Forward Looking Statements
Certain statements regarding AES’ (quot;the Company'squot;) business operations may constitute “forward looking statements” as defined by the Securities and Exchange Commission.
Such statements are not historical facts, but are predictions about the future which inherently involve risks and uncertainties, which could cause our actual results to differ from those contained in the forward looking statement. We urge investors to read our descriptions
and discussions of these risks that are contained under the section “Risk Factors” in the Company’s Annual Report/Form 10K for the year ended December 31, 2002.
- 2. AES RECOURSE DEBT AND TRUST PREFERRED OUTSTANDING BALANCES SUMMARY
Balances (1)
Year End Balances (December 31)
as of
9/30/03 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2027 2029
(Dollars in millions) Jun-05 Jun-05
Revolving Credit Facility(2) $250 $250 $250 $250 $250 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Term Loan 700 700 700 700 700 700 0 0 0 0 0 0 0 0 0 0
Senior Secured Bank Debt $950 $950 $950 $950 $950 $700 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
10% Senior Secured First Priority Notes due Dec 2005 258 258 155 0 0 0 0 0 0 0 0 0 0 0 0 0
8.75% Senior Secured Second Priority Notes due May 2013 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 0 0 0 0 0
9% Senior Secured Second Priority Notes due May 2015 600 600 600 600 600 600 600 600 600 600 600 600 600 0 0 0
Senior Secured Notes $2,058 $2,058 $1,955 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $600 $600 $0 $0 $0
8.75% Senior Notes due June 2008 223 223 223 223 223 223 0 0 0 0 0 0 0 0 0 0
8% Senior Notes due December 2008 156 156 156 156 156 156 0 0 0 0 0 0 0 0 0 0
9.5% Senior Notes due June 2009 470 470 470 470 470 470 470 0 0 0 0 0 0 0 0 0
9.375% Senior Notes due September 2010 423 423 423 423 423 423 423 423 0 0 0 0 0 0 0 0
8.875% Senior Notes due February 2011 313 313 313 313 313 313 313 313 313 0 0 0 0 0 0 0
8.375% Senior Notes due March 2011 (3) 167 167 167 167 167 167 167 167 167 0 0 0 0 0 0
Senior Notes $1,752 $1,752 $1,752 $1,752 $1,752 $1,752 $1,373 $903 $481 $0 $0 $0 $0 $0 $0 $0
8.375% Senior Subordinated Notes due August 2007 243 243 243 243 243 0 0 0 0 0 0 0 0 0 0 0
8.5% Senior Subordinated Notes due November 2007 277 277 277 277 277 0 0 0 0 0 0 0 0 0 0 0
8.875% Senior Subordinated Notes due November 2027 115 115 115 115 115 115 115 115 115 115 115 115 115 115 0 0
Senior Subordinated Notes $635 $635 $635 $635 $635 $115 $115 $115 $115 $115 $115 $115 $115 $115 $0 $0
4.5% Convertible Junior Subordinated Debentures due August 2005 149 149 149 0 0 0 0 0 0 0 0 0 0 0 0 0
6% Trust Preferred VII due May 2008 292 292 292 292 292 292 0 0 0 0 0 0 0 0 0 0
6.75% Trust Preferred III due October 2029 518 518 518 518 518 518 518 518 518 518 518 518 518 518 518 0
Trust Preferred $809 $809 $809 $809 $809 $809 $518 $518 $518 $518 $518 $518 $518 $518 $518 $0
Total Recourse Debt Including Trust Preferred (4) $6,354 $6,354 $6,251 $5,947 $5,947 $5,177 $3,806 $3,336 $2,913 $2,433 $2,433 $1,233 $1,233 $633 $518 $0
(1)
The table above sets forth the projected remaining debt balances with respect to AES' currently outstanding recourse indebtedness and trust preferred securities as of each date presented. The table assumes that: (i) AES incurs no other indebtedness and (ii) that only scheduled repayments are
made. While AES may incur other indebtedness and may make additional unscheduled repayments, it is not practicable to project the amount or timing of any such incurrence or repayments and accordingly no reconciliation is provided.
(2)
$250 million Letter of Credit Facility is reflected as fully drawn. On September 30, 2003, nothing was drawn and $77 million in letters of credit remained outstanding.
(3)
An exchange rate of £1.65030/US$1 for 9/30 2003 and beyond has been assumed for translating 8.375% Senior Notes maturing in February 2011.
(4)
This schedule does not include $14 million unamortized discount that is reflected in total recourse debt balance for 9/30/2003 in the AES consolidated balance sheet.
Forward Looking Statements
Certain statements regarding AES’ (quot;the Company'squot;) business operations may constitute “forward looking statements” as defined by the Securities and Exchange Commission
Such statements are not historical facts, but are predictions about the future which inherently involve risks and uncertainties, which could cause our actual results to differ from those contained in the forward looking statement. We urge investors to read our descriptions and discussions of these risks that are
contained under the section “Risk Factors” in the Company’s Annual Report/Form 10K for the year ended December 31, 2002.
- 3. AES RECOURSE DEBT AND TRUST PREFERRED OUTSTANDING BALANCES SUMMARY
$ in millions
Parent debt maturity profile at 12/31/02
1,800
1,600 26
1,400
1,200
1,000
460
800
1,499
600
850
400 518
754
750
665 599
149
200
231
155 125
103
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Beyond
2015
Bank Loans 1st Priority Notes 2nd Priority Notes Senior Unsecured Senior Subordinated Junior Convertible TECONS
Parent debt maturity profile at 9/30/03
1,800
1,600
1,400
292
1,200
1,000
379
800
600 1,200
520
400 518
700 600
481
470
149 423
200
250
155 115
103
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Beyond
2015
Bank Loans 1st Priority Notes 2nd Priority Notes Senior Unsecured Senior Subordinated Junior Convertible TECONS