IPALCO and AES Indiana issue $1.05B in debt to refinance existing obligations; bonds at 5.700% and notes at 5.750%

IPALCO ENTERPRISES, INC.

AES Indiana issued $650M in 5.700% First Mortgage Bonds; closing expected March 18, 2024.
IPALCO issued $400M in 5.750% Senior Secured Notes; closing expected March 14, 2024.
AES Indiana bond proceeds to repay $300M term loan due Nov 2024 and $350M revolving credit due Dec 2027.
IPALCO note proceeds to finance repurchase or redemption of $405M outstanding 3.70% Senior Secured Notes due 2024.
Bonds secured by first mortgage lien on AES Indiana property; Notes secured by pledge of AES Indiana common stock.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

IPALCO ENTERPRISES, INC. entered into AES Indiana Purchase Agreement with J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc., as representatives valued at $650 million (effective 2024-03-07).

Action: entry
Agreement: underwriting
Counterparty: J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc., as representatives
Value: $650 million
Effective: 2024-03-07

Exact text from the filing

On March 7, 2024, the principal subsidiary of IPALCO Enterprises, Inc. (“IPALCO”), Indiana Power & Light Company, d/b/a AES Indiana (“AES Indiana”) entered into a purchase agreement (the “AES Indiana Purchase Agreement”) with J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc., as representatives (collectively, the “Representatives”) of the several initial purchasers named therein (the “AES Indiana Initial Purchasers”), relating to the previously announced offering by AES Indiana of $650 million aggregate principal amount of First Mortgage Bonds (the “Bonds”) at an annual interest rate of 5.700%.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

IPALCO ENTERPRISES, INC. entered into IPALCO Purchase Agreement with J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc., as representatives valued at $400 million (effective 2024-03-08).

Action: entry
Agreement: underwriting
Counterparty: J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc., as representatives
Value: $400 million
Effective: 2024-03-08

Exact text from the filing

on March 8, 2024, IPALCO entered into a purchase agreement (the “IPALCO Purchase Agreement”) with the Representatives, as representatives of the several initial purchasers named therein (the “IPALCO Initial Purchasers”), relating to the sale by IPALCO of $400 million aggregate principal amount of senior secured notes (the “Notes”) at an annual interest rate of 5.750%.

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Source: SEC EDGAR

accession 0000728391-24-000022

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